336/2014 Sb.



LAW



of 9 June. December 2014,



amending the law No. 240/2013 Coll. on investment companies and

investment funds, and some other laws in the area of capital

market



Parliament has passed the following Act of the Czech Republic:



PART THE FIRST



Amendment of the Act on investment companies and investment funds



Article. (I)



Law No. 240/2013 Coll. on investment companies and investment

funds, shall be amended as follows:



1. In footnote 1 of the second sentence, the words "in the text of the directive"

replaced by the words ", as amended by directives", at the end of the text of the second sentence, the

the words "and 2013/14/EU", at the end of the last sentence of the text, the following

the words ", as amended by the directive of the European Parliament and of the Council of 13/14/EU" and

at the end of footnote No. 1 is on a separate line following sentence

"Article. 1 (1). 2 of the directive of the European Parliament and of the Council of 2012/30/EU of

25 October 2012 to coordinate protective measures, which are on the protection

the interests of members and third parties required in the Member States from

companies within the meaning of article. 54 second subparagraph of the Treaty on the functioning of the

The European Union in the establishment of limited liability companies and the maintenance and

change of their capital, in order to achieve equivalence

These measures (recast) ".



2. In footnote No 2 sentence third to seventh are replaced by the phrases:



"The Commission delegated Regulation (EU) no 231/13 of 19 March.

December 2012, supplementing the directive of the European Parliament and of the Council

2011/61/EC, as regards the exemptions to the General conditions, the operation of the activity,

the depositary, leverage, transparency and oversight.



Regulation of the European Parliament and of the Council (EU) no 345/13 of 17 November 2003. April

2013 of the European venture capital funds.



Regulation of the European Parliament and of the Council (EU) no 346/13 of 17 November 2003. April

2013 of the European funds of social entrepreneurship.



The Commission implementing Regulation (EU) No 447/13 of 15 April. may 2013

laying down the procedure for the alternative investment fund manager,

who decide that they will apply the directive of the European

Parliament and the Council in 2011/61/EU.



The Commission implementing Regulation (EU) no 448/13 of 15 April. may 2013

laying down the procedure for the determination of the reference Member State

mimounijního alternative investment fund manager directive, according to

The European Parliament and of the Council of 2011/61/EU ".



3. In article 2 letter a) is added:



") in the collection



1. cash, whose main purpose is the financing of own

production, trade, research, or the provision of services, other than

financial, and other management of the funds so collected

or property acquired for these funds, or



2. the money transferred goods, whose main purpose is operation

own production, business, research, or provide your own

services, other than financial, and on the other the Administration thus collected

the money was transferred or property acquired for the money

appreciation of things ".



4. In section 2, at the end of subparagraph (b)) following the word "or" and the letters c) and (d))

shall be deleted.



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



5. At the end of the text of section 2 shall be replaced by a comma and period following final

part of the provisions "subject to this act otherwise (article 98, paragraph. 3).“.



6. in section 2, the following new section 2a is inserted:



"§ 2a



This law also does not apply to the activity of



and the collection of funds), or money transferred things

from family members for the purpose of their common investment and other

the management of the funds so collected or money

Whilst things or property acquired for these funds or

money appreciation of things (the family office vehicle), or



(b)) in the collection of funds or money transferred things

for the purpose of joint investment, and on the other the Administration as follows

the collected funds or money transferred or

assets acquired for these funds or money of appreciation

things, if the investor is exclusively the person together with who this

the activities carried out, form group,



unless the person who performs this work, it is entered in a list kept by the

The Czech National Bank in accordance with § 596 (a). (f)), or this activity to be carried out

as a obhospodařovatel investment fund, as well as if this

the law further otherwise (article 98, paragraph 3). ".



7. In section 6 is at the end of the text of paragraph 1, the words "shall be added; This is not a

without prejudice to section 9 (2). 1 "and at the end of paragraph 1, the following sentence" Each

investment fund managers can only have one. ".



8. In section 6 shall be inserted after paragraph 1, paragraphs 2 and 3 shall be added:



"(2) all of the sub-funds of one investment fund must have the same

managers.



(3) management of an investment fund or foreign investment

the Fund includes the management of its sub-funds or comparable

the device. Where this law uses the term "management

Investment Fund or to a foreign investment fund "means

and its management of the sub-funds or comparable device. There, where the

the law uses the term "obhospodařovatel investment fund or

foreign investment fund "means the obhospodařovatel its

the sub-funds or comparable equipment. ".



The current paragraph 2 shall become paragraph 4.



9. In section 9 (2). 1 at the end of the text of the first sentence and the second the words

"through this person."



10. In section 9 (2). 3 (b). and the word) after "investors", the words

"If the State Fund of qualified investors,".



11. In section 11 on the end of the text of paragraph 5, the words ", or some

the activities, which includes the management or administration

Investment Fund or to a foreign investment fund ".



12. In section 11 is added at the end of paragraph 5, the phrase "to the implementation of the individual

activities, which includes the management or administration

Investment Fund or to a foreign investment fund, investment

companies or foreign person with permission according to § 481, which is not

comparable to the Government Investment Fund, for the one who observes the

the prudential rules that are comparable to the rules of prudence

According to the law of the European Union, and is subject to the supervision of a supervisory authority, other

permission is not required. ".



13. In section 15 paragraph 2 is added:



"(2) the management of the assets referred to in paragraph 1, the first sentence goes to the Czech

Republic, the domicile or seat of the person who it manages or intends to

manage. ".



14. In section 15(2). 3, § 17 paragraph. 6, § 108 paragraph. 2, section 272 paragraph. 5, § 273

paragraph. 2 and 3, § 282 and in § 651, paragraph. 3 the words "legitimate"

replaced by the words "it is true".



15. In section 15(2). 3 the first sentence, after the word "Fund", the words "or

another device "and the words" trust "shall be inserted the words" or

another ".



16. In section 15(2). 3 the second sentence, the word "svěřenskému" is deleted.



17. Footnote 6 is added:



"6) Commission delegated Regulation (EU) no 231/2013.".



18. In section 16. 3, the words "determine" is replaced by "how

Specifies ".



19. In article 17, paragraph 2 shall be deleted.



Paragraphs 3 to 6 shall be renumbered as paragraphs 2 to 5.



20. In § 17 paragraph. 2 to 4, the words "or 2" shall be deleted.



21. In section 17(2). 2 the second sentence, the words "paragraph 4" shall be replaced by the words

"from the day exceeded the limit, the decisive paragraph 3".



22. In section 17(2). 4 the second sentence, the words "first 4" shall be replaced by

"3".



23. In section 17(2). 5 the first sentence with the number "5" shall be replaced by the number "4" and the number

"4" is replaced by the number "3".



24. In section 20 (2). 3, the word "and" after the word "comprehensive" is replaced by a comma.



25. In section 20 (2). 5 and § 47 odst. 5, the words "requirements for qualitative

criteria for the management and control system "shall be replaced by the words" a qualitative

requirements for the management and control system ".



26. In § 21. 4, after the word "person", the words "(§ 624)".



27. In section 22, paragraph. 6, the words "the requirements on the qualitative criteria

the procedures, rules and principles referred to in paragraph 2 and the obligations

referred to "shall be replaced by the words" requirements for quality procedures, rules,

and principles referred to in paragraph 2 and the obligation referred to ".



28. In section 25, paragraph. 1 (f)):



"(f)) who cannot lead to a conflict of interest between him and maturity

or between him and the common interests of the investors of the Fund. ".



29. In section 26, paragraph. 1 (a). (c)), section 26, paragraph. 3, § 53 paragraph. 1 (a). (c)) and in section

paragraph 53. 3, the word "to" is replaced by "and".



30. In § 33 paragraph. 1 (a). (b)), the words "by the law governing business

the capital market ' shall be deleted.



31. In § 34 paragraph. 4 (b). (e)), and (g)), the word "not" is replaced by

"if not".



32. In section 38, paragraph. 1 introductory part of the provisions, the word "always" be deleted.



33. In paragraph 38. 1 (a). (b)), the word "provision" shall be replaced by

"provision".



34. In section 38, paragraph. 1 at the end of the text of subparagraph (c)), the words "and

internal audit ".



35. In section 38, paragraph. 1 (a). (g)), the word "provision" is deleted.



36. In paragraph 38. 1 at the end of the text of the letter h), the words "and,
If the administrator manages the as obhospodařovatel this Fund,

safekeeping of securities and registration of book-entry securities

issued by this Fund ".



37. In section 38, paragraph. 1 (a). (j)), after the words "issue of" word ",

Exchange "and at the end of the text of the letter j), the words" and,

If the administrator manages the as obhospodařovatel this Fund,

offering investments in this Fund ".



38. In section 38, paragraph. 1 (a). about), after the words "documents" shall be inserted the word ",

in particular ".



39. In paragraph 38. 1 (a). with) the word "provision" shall be replaced by the words

"the execution or procurement".



40. In paragraph 38. 2 of the introductory part of the provisions, the word "further" is deleted.



41. In section 38, paragraph 2, the following paragraph 3 is added:



"(3) the activities referred to in paragraph 1 (b). (c)), and p) the administrator shall exercise

Investment Fund or to a foreign investment fund in relation to the

This fund only if it is agreed in the contract of administration. ".



Paragraphs 3 and 4 shall become paragraphs 4 and 5.



42. In section 39 at the end of paragraph 2 the following sentence "to the implementation of the individual

activities, which includes the administration of the investment fund or

foreign investment fund, an investment fund administrator

or foreign investment fund for the one who adheres to the rules

prudence, which are comparable to the prudential rules under

rights of the European Union, and is subject to the supervision of a supervisory authority, other

permission not required; This is without prejudice to paragraphs 3 and 4. ".



43. In section 39, paragraph. 3 and 4, § 485, paragraph. 1 (a). (d)) the introductory part of the provisions,

section 554 paragraph. 1 (a). (c)) and in § 599 of paragraph 1. 1 (a). j), the words "for another"

shall be deleted.



44. In section 39 at the end of the text of paragraph 4, the words "or permits

to carry out activities pursuant to section 11 (1). 1 (a). (e)) ".



45. In section 39, paragraph. 5, the word "Performance" shall be replaced by the words "For" and the power of words

"the performance of these activities is not considered for other" shall be replaced by the words

"the authorisation referred to in paragraph 3 or 4 does not require".



46. In section 39, the following paragraph 6 is added:



"(6) the person who is authorized to perform administration of special funds, may

exercise and individual activities which includes the administration of the

standard funds or comparable foreign investment

funds. ".



47. In section 40 is at the end of paragraph 1, the following sentence "Every investment fund

can only have one administrator. ".



48. In § 42 paragraph. 1 the words "standard Fund or a comparable"

replaced by the words "investment fund or".



49. In § 47 odst. 1 (a). (b)), after the word "bodies" shall be inserted the word "this"

and the comma after the word "powers" shall be replaced by a semicolon.



50. In § 47 odst. 2 at the end of the text of subparagraph (c)), the words

"the shareholders, partners or beneficiaries of this Fund".



51. In § 47 odst. 2 at the end of the text of the letter e), the words "and

keeping the accounts of the administrator ".



52. In section 48, paragraph. 2 the words "the administration of the Fund"

replaced by the words "activity", the word "should" shall be replaced by knowledge

the words "in order to have sufficient knowledge", the word "performance" shall be replaced by the words

"proper exercise" and the words "to be" are deleted.



53. In § 49 paragraph. 1 (a). (b)), the words "investment fund or

foreign investment fund, whose administration performs "shall be replaced by

the words "this Fund".



54. In § 49 paragraph. 3 at the end of subparagraph (h)), the word "and" shall be deleted at the end of

paragraph 3 shall be replaced by a comma and dot the following point (j))

added:



"j") adheres to section 1843 of the civil code providing for information

obligations in connection with the conclusion of the contract on financial services. ".



55. In section 49, paragraph. 4, the words "the requirements on the qualitative criteria

the procedures, rules and principles referred to in paragraph 2 and the obligations

referred to "be replaced by" qualitative procedures and requirements

the rules referred to in paragraph 2 and the obligation referred to ".



56. In section 50, paragraph. 1 (a). (c)), the word "his" shall be replaced by the word "their" and

the word "document" shall be replaced by the word "document".



57. In section 50, paragraph. 1 (a). e) and (f)), the word "obhospodařovatel" shall be replaced by

the word "Administrator".



58. In section 50, paragraph. 1 at the end of the text of subparagraph (e)), the word "and" shall be deleted,

the end of the text of subparagraph (f)), the dot is replaced by "and" and the following

new paragraph (g)), which read:



"(g)) the Statute of the Fund or a comparable document defines this activity

as an activity, which can entrust the performance of another. ".



59. In section 50, paragraph. 1 (a). (f)), the words "credentials of another performance of this

activities "shall be replaced by" the credentials ".



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

1.



61. In § 51 paragraph. 1 the words "another person" shall be replaced by the word "other".



62. In section 51, paragraph. 2, the words "certain activities, which includes

the administration of the foreign investment fund or an investment fund, "

replaced by the words "each of the activities referred to in paragraph 1".



63. In section 54, paragraph. 1 (a). and the words ") and" shall be replaced by the words "securities

taken into custody and ".



64. In footnote 7, the words "of the European venture funds

capital "is replaced by" (EU) no 345/2013 ".



65. In section 60, paragraph. 1 introductory part of the provisions, the word "legal"

repealed.



66. In section 60, paragraph. 1 (a). and), the words ", if this is his nature"

shall be deleted.



67. In section 60, paragraph. 1 (a). (c)), the words ", if this is his nature,

or "shall be replaced by the word" and ".



68. In section 62, the current text becomes paragraph 1 and the following

paragraph 2, which reads as follows:



"(2) a depositary shall perform the obligations arising from this Act or from the

depozitářské of the Treaty in a way that corresponds to the nature, scale and

the complexity of the activities to be performed by him. ".



69. In section 63, the words "to provide financial collateral or

comparable to ensure, under the law of the foreign State or other security

investment tools, which were made from the assets of the Fund

as financial collateral or a comparable foreign-law guarantee referred to in

State or other security "shall be replaced by the words" use of its assets, which

in custody or in the custody for the purposes of their own or any other person ".



70. In § 71 paragraph. 1 at the end of the text of subparagraph (a)), the words "

While paragraph 3 shall not apply in this case. "



71. In § 71 paragraph. 1 (a). (b)), section 612, paragraph. 1 (a). (j)), section 612, paragraph. 2

(a). (b)) and in section 669 (b). (b)), the word "physically" is deleted.



72. In § 71 paragraph. 1 (a). (b)) and in section 669 (b). (b)) for the word "custody"

the words "investment instruments and others".



73. In § 71 paragraph. 2, after the words "the proponent", the words "(prime

Broker) ".



74. In paragraph 73. 1 (a). (e)) and in section 670 of paragraph 1. 1 (a). (e)), the word "and"

be replaced by a comma.



75. In paragraph 73. 1 and in section 670 of paragraph 1. 1 (f)):



"(f)) are carried out, pointing to the acquisition translates into higher commands or

the transfer of assets in the assets of this Fund, and it is sufficient

If the depositary checks, how were these made commands, if the

for this reason special attention good control; How were

the commands executed, it checks the depositary in addition, with respect to statements regarding

with



1. trade in value not exceeding the amount of 500 000 Czk, and a summary of the day

0.1% of the value of the corresponding value of the assets of this Fund,



2. trade closed on the market referred to in § 3 (3). 1 (a). and) Regulation

the Government governing investment of investment funds and technology to their

management, or



3. trade in a security or a security issued by book-entry

collective investment fund or a comparable foreign

Investment Fund ".



76. In section 75, paragraph. 2 the number "80" is replaced by "81".



77. In section 77, paragraph. 1 (a). (d)), the words "and the depositary" shall be replaced by the words

"the depositary or".



78. In section 78, paragraph. 1 (a). (b)), the words "of the Fund" shall be replaced by the words

"customers" and the words "the depositary of the Fund" shall be replaced by the words

"customers of the depositary".



79. In § 81 paragraph. 1, after the words "§ 71 paragraph. 1 (a). and ", the words)

"part of the sentence before the semicolon" and the word "custody" shall be inserted after the words

"investment tools".



80. In paragraph 83. 1, the words "section, paragraph 72. 5 "the word" and "shall be replaced by

a comma and the words "§ 73 paragraph. 4 "is inserted after the words" and section 74, paragraph. 4. "



81. In section 94, paragraph. 1, the words "the rights of the European Union" shall be replaced by the words

"directive of the European Parliament and of the Council governing the coordination of legislation in

collective investment area ^ 4). "



82. In § 94 paragraph. 2 the words "the rights of the European Union, and as such is not"

replaced by the words "the directive referred to in paragraph 1 and not as a standard

the Fund ".



83. In § 95 paragraph. 1 (a). and (b))) and (c)) (2) the word "strategy"

the words ", based generally on the principle of risk spreading,".



84. In footnote 9, the words "of the European social funds

business "is replaced by" (EU) no 346/2013 ".



85. In the introductory part of the provisions of section 96, the word "also", the words

"investment fund, that is."



86. In section 96 (a). and (b))) and the words "approved Fund" shall be replaced by the words

"qualified by the Fund".



87. Section 97 (a). (b)), for the words "comparable with", the words

"investment fund".
88. In section 98, the existing text shall become paragraph 1 and the following

paragraphs 2 and 3 shall be added:



"(2) the prohibition in paragraph 1 shall not apply to the case where the

exclusively from the persons referred to in section 2a paragraph. 1 of the law governing business

on the capital market.



(3) paragraph 1 of section 2 (b) is not. (b)), and (c)) and § 2a. ".



89. In section 100, paragraph. 2 the words "investment fund" shall be replaced by the words

"collective investment fund".



90. In section 101, the existing text shall become paragraph 1 and the following

paragraph 2, which reads as follows:



"(2) the Fund for qualified investors as fund investing money

market or as a short-term money market fund, however, can only be

Open mutual fund or joint-stock company with basic variables

capital. ".



91. In § 113 paragraph. 1 (a). and (c)), the word ")" is replaced by "d").



92. In section 117 at the end of paragraph 2 the following sentence "in rubopisu paper

share certificate shall contain the identification of the acquirer. '.



93. In § 120 paragraph. 1, the words "special rights" shall be deleted.



94. In the introductory part of the provisions of § 121, the words "translates into higher

mutual fund or "shall be deleted.



95. In § 121, the existing text shall become paragraph 1 and the following

paragraphs 2 and 3 shall be added:



"(2) the proceedings referred to in paragraph 1 is proceeding under section 83, paragraph. 2 (a). (d))

Code of civil procedure.



(3) the parties are the applicant, obhospodařovatel this

mutual fund and one whose name, distinctive element name or the name of the

contains the designation of a mutual fund. ".



96. In section 130, the following paragraph 4 is added:



"(4) in the case of open mutual fund, which invests money pool

market or as a short-term money market, mutual

leaves every working day. ".



97. In paragraph 132. 1 the following point), which read:



"a) 3 business days, in the case of open mutual fund, which invests

as a money market fund or short-term money market fund, ".



Letters and) to d) are renumbered as paragraphs (b) to (e)).)



98. In article 132, paragraph 3 is deleted.



Paragraph 4 becomes paragraph 3.



99. In section 147, paragraph. 1, the number of "121", the words "paragraph. 1 ", the word

"passed" shall be replaced by the word "bought" and at the end of paragraph 1, the

added the sentence "Obhospodařovatel from the legitimate owner buys a mutual

sheet within 15 working days from the date when the proposal for the conclusion reached

Treaty. ".



100. In section 147, paragraph. 2 the words "lawful owner arises

investment securities the right to propose obhospodařovateli "shall be replaced by the words

"can the legitimate owner of the investment demand" and the words "for the

the reasonable consideration on behalf of mutual fund and obhospodařovateli

the obligation to accept such a proposal arise "shall be replaced by the words" in the Court of

or claim compensation for injury, and not later than within a period of 6 months from the date of

When he reached the obhospodařovateli proposal on conclusion of the contract referred to in paragraph

1. "



101. In section 147, paragraph 3 is deleted.



102. In paragraph 150. 1 the word "created" is deleted.



103. In article 150, the following paragraph 4 is added:



"(4) the provisions of section 1454 of the civil code, for the investment fund as

the Trust Fund shall not apply. ".



104. Article 154, paragraph 2, the following paragraphs 3 and 4, which

added:



"(3), the Director of the joint-stock company with basic variables

capital, which is the investment fund under section 9 (2). 1,

business executives in its entirety. Only its statutory Director also

Specifies the basic focus of the business management.



(4) the competence of the general meeting of a public limited company with variable

share capital belongs to the choice and the appeal of the Director,

as well as the approval of its contracts for the performance of its functions, including the changes. ".



The former paragraph 3 shall become paragraph 5.



105. In paragraph 154. 5 the first sentence, after the word "agent", the words

"credentials or agents".



106. In paragraph 156. 1 (a). g), the words "the lowest amount of

capital investment for the purposes of the suspension of the sale of the shares and "

shall be deleted.



107. In section 158, paragraph. 2 the word "basic" is replaced by "fundamental".



108. In paragraph 163. 1 the words "subscribe for the shares of the investment can be just"

replaced by the words "Investment shares they subscribe".



109. In article 163, paragraph 4 shall be deleted.



110. In paragraph 170. 1, the words "the shares of the shareholders, who shall be responsible for its

the debts of a limited, are represented by the investment leaves "shall be replaced by the words

"at least one companion for her debts does not guarantee" and at the end of paragraph

added the sentence "the Shares of limited partners in a limited partnership investment

the leaves are represented by the investment leaves. ".



111. Article 170 paragraph 1 the following paragraph 2 is added:



"(2) the company includes the designation" limited partnership on

investment leaves ", which may be replaced by the abbreviation ' com. spol. on

invest. the leaves "or" k. s. i. l. ".".



Paragraph 2 becomes paragraph 3.



112. In the title of § 171 section 171 and paragraph. 1 to 3, the words "investment

the leaves "shall be replaced by" shares ".



113. In section 171, paragraph. 2 the second sentence, the words "the company may issue

investment list for each share of ' shall be replaced by the words "shall issue to the company

investment list for each share, or issue a bulk list of investment;

the social contract also contains an indication of investment worksheet, which

the share represented by ".



114. In section 171, paragraph. 4, the word "To" is replaced by "Modifies the

the social contract various types of shares into "and at the end of paragraph

added the phrase "Court, who leads the business registry, disables

the public and the information about the komanditistech contained in the social contract

a limited partnership investment lists based in a collection of documents.

In addition to the cases provided for in a special law can a copy of the

the social contract, including data on komanditistech to receive just one who

It has a legitimate interest. ".



115. In section 172, paragraph. 1, in the introductory part, the word "documentary" is deleted,

the end of the text of subparagraph (d)) shall be added the words "and paid up part of this

deposit to the date of the issue of the investment and the worksheet "and the letter e) shall be deleted.



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



116. Article 172, paragraph 2 reads:



"(2) the investment list cannot be issued as paper zaknihovaný.".



117. In section 172, the following paragraph 3 is added:



"(3) when presented with a sheet on it investment limited partnership on

indicate the current level of investment leaves paid-up part of the deposit, if different

from the information referred to in paragraph 1 (b). d).“.



118. section 174:



"§ 174



(1) the social contract limited partnership on investment leaves can

the transferability of investment leaves to limit, but not eliminate it.



(2) for the transfer of investment worksheet shall apply mutatis mutandis to section 210 of the Act also

the legal standards governing commercial companies and cooperatives ".



119. § 175:



"§ 175



(1) If a limited partner or other person, the obligation to dispose of the investment

sheet of limited partnership on investment leaves it within the time limit,

designed by partnership agreement, or within a time limit to do so in a written

the call to determine the komplementář or the liquidator.



(2) investment leaves that were not disposed of within the period referred to in paragraph 1,

komplementář or the liquidator declared invalid. The Declaration

the invalidity of the investment shall be published on the leaf website

society. ".



120. In § 178 odst. 1 the comma after the word "or" is deleted.



121. In paragraph 181. 1 the words "However, for the reasons given by" shall be replaced by the words

"for reasons that are listed".



122. In section 181 paragraph 4 is added:



"(4) the exclusion of the komplementáře is the effective entry of another komplementáře into the

a limited partnership investment leaves. Do not enter if you change the

the social contract entering komplementář to a limited partnership

on the investment in the time specified in the decision on the exclusion of

komplementáře, but not later than within 3 months from the date of adoption of this

the decision shall enter a limited partnership investment leaves the end of the

such periods into liquidation. To enter another komplementáře with the consent of the

excluded komplementáře is not required. ".



123. § 182:



"§ 182



(1) unless something else from the social contract, the reason for

cancellation of a limited partnership investment leaves is not a termination of participation

under in the company.



(2) Death or dissolution passes under its share in the limited partnership

the company on investment leaves on an heir or successor in title.

The social contract may move investment worksheet disable or

limit.



(3) a limited partner of a limited partnership cannot on investment leaves

get off or cancel their participation notice, unless the social contract

specifies otherwise.



(4) komplementáře is the effective entry of another komplementáře into the

a limited partnership investment; This is true even for testimony

komplementáře. The emergence of komplementář and komplementář, which set aside the

his testimony, has brought the same obligations to partners with unlimited liability,

What has excluded komplementář. ".



124. the following section shall be added to § 182 182a, which including the title:



"section 182a



Submission of the investment worksheet
(1) without delay after the demise of the participation in the company under

without legal successor shall surrender this limited, the heir or legal

a successor, assignee, where applicable, the company's investment list.



(2) the right to payment of the settlement of the share or a share of the liquidation

the balance sheet is formed komanditistovi appliance investment limited partnership

the company on investment leaves, otherwise by posting the statement of his

nullity under section 175, paragraph. 2.



(3) Individual investment limited partnership on investment worksheet worksheets

or the liquidator shall forthwith destroy. ".



125. In section 185, paragraph. 2, after the word "marked", the words "for the purposes of

his speeches ".



126. Article 186 paragraph 1 reads:



"(1) a limited partner cannot guarantee of a limited partnership

to withdraw or cancel your participation notice, unless the social contract

specifies otherwise. ".



127. In paragraph 188. 3, the word "associated", the words "or with which the

related ".



128. In paragraph 197. 3 of the introductory part of the provisions, the words "in relation to the

It "shall be deleted.



129. In paragraph 197. 3 (b). and), the words "this"

replaced by the words "by that person".



130. In section 198 paragraph. 2, the words "and 4 ' shall be deleted.



131. In § 203 paragraph 2 is added:



"(2) who gets a share of the voting rights of the investment fund,

obligation to make a take-over bid does not arise under the law governing the

takeover bids. In this context, nor do not arise in this or other

the person of the obligations incumbent on them otherwise when a takeover bid law

governing takeover bids. "



132. In section 206, paragraph. 1, the first sentence shall be replaced by the phrase "collective Fund

the investment must not issue warrants ".



133. In section 206, paragraph 1 the following paragraph 2 is added:



"(2) the Fund is a collective investment undertaking may issue a bond or security

or zaknihovaný paper, with which it is associated the right to repayment of the

the due amount, the conditions under which you can take on this account

Fund a loan. This also applies in the case where such securities or

dematerialised securities issued on the account of the Fund of collective

investing. ".



Paragraph 2 becomes paragraph 3.



134. In section 206, paragraph. 3 the words "quiet of the community" shall be replaced by

"silent company".



135. In section 207 for the letter a), the following new subparagraph (b)), which read:



"(b)) induced obstacle arising independently of the will of the managers,

If this change does not significantly different to the way the investment of this

the Fund ".



The former subparagraph (b)) and (c)) shall become points (c) and (d)).)



136. In section 207, the existing text shall become paragraph 1 and the following

paragraph 2, which reads as follows:



"(2) a change made in contravention of paragraph 1 shall be disregarded.".



137. In section 208 the present text becomes paragraph 1 and the following

paragraph 2, which reads as follows:



"(2) the Court, on a proposal from the Czech National Bank or whoever it is

legitimate interest, to cancel the collective investment fund, which has a legal

the form of a joint stock company, is less than if the funded capital of at least

the amounts referred to in paragraph 1. Before the decision, the Court shall provide the

collective investment fund of a reasonable deadline to rectify the situation. ".



138. In the introductory part of the provisions of section 209, the word "determines" the following Word

"in particular".



139. In subparagraph (d) of section 209) and e) are added:



"(d)) share of results of an investment fund or its parts

before tax, or



(e) a combination of the methods referred to in points) and) to (d)). ".



140. In the introductory part of section 210 of the provisions, the words "referred to in § 9 (2). 1 "

shall be deleted.



141. In section 210 (a). (b)), the words "the costs associated with the implementation of

the administration of the Fund, in particular, the remuneration paid by its

the administrator or the depositary "shall be deleted.



142. In section 210 (a). (c)), the words "its managers, administrator,

the depositary, the main proponent, auditor or any other person for

This Fund provides the services "shall be deleted.



143. In section 215, paragraph. 2 in the introductory part, the words "the requirements of the provisions on

qualitative criteria ' shall be replaced by the words "requirements for quality", in

(a) the introductory part of the provision), the word "rules" shall be replaced by

"the rules", in subparagraph (b)), the word "techniques" shall be replaced by the word "techniques"

and (c) above), the word "limits" shall be replaced by the word "limits".



144. In section 215, paragraph. 3 and § 284 paragraph. 4, the words "other legislation"

replaced by the words "Government regulations governing investment of investment

the funds and their management techniques ".



145. Article 215, paragraph 5 is added:



"(5) for the purposes of calculating the investment limits, limits for the total exposure and

other limits arise from the status of collective investment fund

or from government regulations governing investment of investment funds and

techniques to their management, the bond or security

or zaknihovaný paper, with which it is associated the right to repayment of the

amount due, issued by collective investment fund, seen as

credit received for the account of the Fund. The provisions of section 206, paragraph. 2 the second sentence

shall apply mutatis mutandis. ";"



146. section 217 is hereby repealed.



147. In section 220, paragraph. 1 (a). I), the word "charged" is replaced by

the "charged".



148. In section 220, paragraph. 1 (a). (j)), after the word "of" is inserted after the word "options" and

at the end of the text of the letter j), the words "in the case of an

information about the credentials of another, involved, and ".



149. In section 225, paragraph. 4, after the words "the Statute Fund of collective

the investment "is the word" always ".



150. In section 238, paragraph. 1 the words "and (f))" shall be replaced by ", f), and (j))".



151. In paragraph 241. 1 (a). (f)), point 3, the words "foreign special

the Fund "shall be replaced by the words" foreign investment fund comparable to the

a special fund ".



152. Article 241, paragraph. 1 (a). q) with the word "If" is replaced by

"if they are".



153. In paragraph 247. 2 the word "similar" shall be replaced by the word "comparable"

and the word "similar" shall be replaced by the word "comparable".



154. In paragraph 255. 1 (a). to) the number "1" is replaced by "2".



155. In paragraph 255. 1 (a). n) for the word "compliance" shall be inserted after.



156. In § 264, paragraph 2 shall be deleted and shall be deleted at the same time indication

of paragraph 1.



157. In section 265, paragraph. 1 the introductory part, the words "in accordance with the provisions of paragraph

2 "shall be replaced by the words" its operation or its further sale ".



158. In section 265, paragraph 2 shall be deleted and shall be deleted at the same time indication

of paragraph 1.



159. In section 266, paragraph. 1, the words ' and interpreters ' shall be deleted.



160. In section 272 paragraph. 1 the introductory part, the words ' the provisions of the securities

or book-entry "shall be replaced by the word" local "and the word" contractually

be "shall be replaced by the words" have contracted acquired ".



161. In section 272 paragraph. 1 (a). and (b), the words "). and) to p) "are deleted.



162. In section 272 paragraph. 1 letter e) is added:



"(e)) a person exercising the activity referred to in section 2 (a). b),“.



163. In section 272 paragraph. 1 (a). (h)), the words "Fund of qualified investors

or a comparable foreign investment fund, which "shall be replaced by

the words "investment fund" and the words "such other funds"

replaced by the words "these funds, as well as the assets managed

under section 11 (2). 1 (a). (c)), manages to be the same

obhospodařovatel such as this Fund, ".



164. In section 272 at the end of paragraph 2 the following sentence "regardless of the

paragraph 1 for qualified investor shall be considered in relation to this

Fund of qualified investors of its statutory authority, a member of his

the statutory authority and owner of the founders ' shares issued by this Fund,

that is not the owner of the investment shares issued by the Fund. ".



165. In section 272 paragraph 2, the following paragraph 3 is added:



"(3) if someone acquired the participating securities issued by the Fund

qualified investors or participation in the Fund of qualified investors

in contrary to paragraph 1, or if someone is the founder or the Pacific

a partner Fund of qualified investors, or the one who increases the

assets of the Fund for qualified investors in the Treaty, in contravention of paragraph

1, shall be disregarded. ".



Paragraphs 3 to 5 shall be renumbered as paragraphs 4 to 6.



166. In section 272 paragraph 5 is added:



"(5) denies that the amount of the deposit or investment as a result of the negotiations

qualified investor has fallen below the minimum level laid down in the

paragraph 1 (b). h) or (i)). The possibility of a qualified investor stop

to be a qualified investor fund of qualified investors by not

prejudice. ".



167. In section 273, paragraph. 1 with the number "5" shall be replaced by the number "6".



168. Article 274, paragraph. 2, the words "before" shall be replaced by "without

undue delay after the formation of ".



169. In paragraph 277. 1, the words ", and the majority of the votes of the other members"

shall be deleted.



170. In § 278 paragraph. 2 the semicolon shall be replaced by a dot and the word "to"

replaced by the word "to".



171. Article 279, paragraph. 3 the first sentence is part of a sentence for a semicolon, including

the semicolon is repealed.



172. the following section shall be added to § 283 283a, which reads as follows:



"section 283a



For the Fund for qualified investors with § § 212 to 214 shall apply mutatis mutandis.

Where the provisions invoked by the publication on the Internet

the website of the Fund, it is enough to make even their other investors. "
173. In § 284 paragraph. 2 the words "the requirements on the qualitative criteria

the rules "shall be replaced by the words" the qualitative requirements of the rules ", the word

"techniques" shall be replaced by the word "techniques" and the word "limits" shall be replaced by

the word "limits".



174. section 286 shall be deleted.



175. Article 291, paragraph. 1 the words "and (b))" shall be replaced by ", (b) and (j)))".



176. In paragraph 293. 1 and 2, the words "information about the Czech Republic

the offered investments "shall be replaced by the words" the offering of investment ".



177. the following section shall be added to § 295 295a, including title:



"section 295a



Offering publicly and otherwise than in public



(1) an investment in an investment fund or an investment in a foreign

the Fund can offer in the Czech Republic only under the conditions set

This Act and only if this Fund is registered in the list of

maintained by the Czech National Bank; This is without prejudice to § 305, paragraph. 1.



(2) Offer in the Czech Republic the investments into an investment fund or to the

foreign investment fund for those who are not qualified

investors, otherwise than in public (private placement) can be used only when the

If such investments in the Czech Republic can offer publicly, or

the number of such persons does not exceed a 20. ".



178. In section 296, the words "offer and publicly" is replaced by "publicly

offer "and the word" when "is added after the word" public ".



179. In section 297 paragraphs 1 and 2 shall be added:



"(1) investment in foreign investment fund comparable to

a special fund in the Czech Republic can offer other than

qualified investors only if it is obhospodařovatel

This Fund shall be entitled to exceed the limit, the decisive is the obligation

provided for in § 306, paragraph. 1, and the Czech National Bank shall issue a decision in accordance with

of paragraph 3. For the fulfilment of the obligations provided for in § 306, paragraph. 1 in this

the case of § 306, paragraph. 2 shall apply mutatis mutandis.



(2) if there is no obhospodařovatel of the Fund referred to in paragraph 1 shall be entitled to exceed the

a determined limit, or if decided by the Czech National Bank pursuant to paragraph

3, shall apply to the offering of investments referred to in paragraph 1, section 296 analogy. ".



180. In section 297, paragraph. 3 the word "whether" is replaced with "that".



181. In paragraph 300. 1 the words "§ 511" shall be replaced by the words "§ 597 (f). and)

or (b)) ".



182. In section 305, paragraph. 1, the second sentence shall be replaced by the phrase "the Czech National Bank

writes a foreign investment fund to the list under section 597 (f). (d))

undue delay after receipt from the supervisory authority of the home State

This fund documents comparable to the documents referred to in Section 303, paragraph. 2. ".



183. In paragraph 306. 1 (a). and), the words "the issue and" are deleted.



184. In section 309 and section 317, paragraph. 1 the words "503 or 513" shall be replaced by the words

"597".



185. At the end of section 309, the following sentence "in the case of foreign investment

the Fund shall be used for the content of the application for registration in the list of section 312, paragraph. 2

Similarly,. ".



186. In § 310 and section 315 paragraph. 2, the words "or 513 503" shall be replaced by the words

"(a) 597. and (b))), (c) or (d))) ".



187. In section 310, the word "comparable" shall be deleted, the words "of the investment

the Fund "shall be inserted after the words" comparable with a special fund or with the

the Fund for qualified investors "and the word" obhospodařovatel "

the words "established in the Czech Republic".



188. In section 310, the existing text shall become paragraph 1 and the following

paragraph 2, which reads as follows:



"(2) an investment in a foreign investment fund comparable to

a special fund or Fund of qualified investors, whose

the home Member State is the Member State, which manages

obhospodařovatel, which does not have the authorization of a supervisory authority of another Member

the State authorizing it to exceed the determined limit, established in another

Member State, can offer in the Czech Republic from the date when the

This Fund is entered in the list maintained by the Czech National Bank in accordance with § 597

(a). d).“.



189. Section 315 at the end of paragraph 1, the following sentence "the Czech National Bank

writes a foreign investment fund to the list under section 597 (f). (e))

undue delay after receipt from the supervisory authority of another Member

State documents comparable to the documents referred to in section 313, paragraph. 2. ".



190. In section 316, paragraph. 1, after the word "obhospodařovatel", the words ",

that exceeds the limit, the decisive ".



191. In section 316, paragraph. 2 of the introductory part of the provisions of § 318 paragraph. 2 opening

part of the provisions, section 319, paragraph. 2 of the introductory part of the provisions of, section, paragraph 320. 2

the introductory part of the provisions of Section 322, paragraph. 4, section 324, paragraph. 2 the introductory part

the provisions and paragraph in section 325. 2, after the words "to (d))", the words "or e)".



192. In section 317, the following paragraph 4 is added:



"(4) investment in foreign investment fund comparable to

a special fund or Fund of qualified investors, whose

the home Member State is the Member State, which manages

obhospodařovatel is located in a State which is not a Member State, that

does not have the authorization referred to in section 481 or comparable authorization granted by authority of the

supervision of another Member State, in the Czech Republic can offer

the date on which the Fund is registered in the list maintained by the Czech national

the Bank under section 597 (f). d).“.



193. In paragraph 318. 1, § 319 paragraph. 1, § 320 paragraph. 1, section 324, paragraph. 1 and section

paragraph 325. 1, the words "paragraph 2" shall be replaced by the words "§ 597 (f). (d)) or

(e)) ".



194. In paragraph 318. 6 the second sentence, after the words "certifying" the following Word

"meet".



195. Article 322, paragraph. 3, the words "paragraph 4" shall be replaced by the words "§ 597 (f).

d) or (e)) ".



196. In the title of § 323, the words "the investment company's unauthorized"

replaced by the words "managers based in the Member State of

unauthorized ".



197. In § 323, the words "investment company unauthorized" shall be replaced by

the words "obhospodařovatel with its registered office in a Member State, an unauthorized" and the word

"§ 503" shall be replaced by the words "§ 597 (f). (d)) ".



198. In section 324, paragraph. 1, after the word "obhospodařovatel" shall be replaced

"exceeding the determined limit".



199. In paragraph 325. 3 the semicolon shall be replaced by the phrase "dot and the provisions of section

paragraph 315. 1 the second sentence shall apply mutatis mutandis. "and the words" these investments "

replaced by the words "the investment according to the first sentence".



200. In paragraph 325. 4, the words "paragraph 5" shall be replaced by the words "§ 597 (f).

d) or (e)) ".



201. the following section is inserted after section 325 325a, including title:



"section 325a



In the case of managers, headquartered in a State which is not a Member

State, shall not exceed the limit or the limit determined determined

not exceeding, in the case of a public offering in the Czech Republic



Investment in a foreign investment fund, whose home State

It is not the Member State which manages the obhospodařovatel based in the

State which is not a Member State, which has a permit under section 481 or

comparable Supervisory Authority authorisation issued by another Member State and

that does not exceed the limit, can be decisive in the Czech Republic offer

the date on which the Fund is registered in the list maintained by the Czech national

the Bank under section 597 (f). d).“.



202. In § 328 paragraph. 1, after the word "Fund", the words ", or

If as a legitimate obhospodařovatel exceed the determined limit

to perform any of the activities referred to in section 11 (1). 1 (a). c) to (f)) or

under section 11 (2). 6 (a). and) ".



203. In § 328 paragraph. 2 at the end of the text of the letter b), the words ",

for example, if the notifier intends to carry out the administration of the foreign

Investment Fund ".



204. In section 329, paragraph. 4 and in section 333, paragraph. 4, the words "information and" are deleted.



205. In section 329, paragraph. 6, after the word "investors", the words "or

to perform any of the activities referred to in section 11 (1). 1 (a). c) to (f)) or

under section 11 (2). 6 (a). a),“.



206. the heading of section 330, including:



"section 330



The emergence of the permissions



(1) investment company authorized to manage standard and

comparable foreign investment funds can start by

the branch to manage foreign investment fund comparable to the

the standard Fund and, possibly, to perform the other activities referred to in

notification according to § 328 paragraph. 2 (a). (b)) in the host State the date when the

her supervisory authority of the host State shall communicate that information obligations

must fulfill, or after the expiration of 2 months from the date when the Czech national

the Bank pursuant to section 329, paragraph. 4 report on the transmission of data of a supervisory authority

of the host State.



(2) the investment company is entitled to exceed the determined limit and

foreign person with permission according to § 481, which is not comparable with the

Government Investment Fund, may start through a branch

to manage foreign investment fund comparable to the Special

the Fund or with the Fund for qualified investors, or to exercise any

from the activities under section 11 (2). 1 (a). c) to (f)) or under section 11 (2). 6

(a). and, where appropriate, to carry out), and the other activities referred to in the notice referred to in

§ 328 paragraph. 2 (a). (b)), from the day when the Czech National Bank pursuant to section 329

paragraph. 4 report on the transmission of data of a supervisory authority of the host

State. ".



207. In section 332 paragraph. 1, the words ", to perform the external administration

the investment of the Fund or provide investment services ' shall be deleted.



208. § 334 including title:



"§ 334



The emergence of the permissions
(1) investment company authorized to manage standard and

comparable foreign investment funds may start to exercise the activities

specified in the notice in accordance with § 328 paragraph. 2 (a). (b)) in the host State

from the day when the Czech National Bank pursuant to section 333, paragraph. 4 report on

transfer of data the supervisory authority of the host State, or after

the expiry of the period referred to in section 333, paragraph. 1.



(2) the investment company is entitled to exceed the determined limit and

foreign person with permission according to § 481, which is not comparable with the

Government Investment Fund, may start without a branch location

to manage foreign investment fund comparable to the Special

the Fund or with the Fund for qualified investors, or to exercise any

from the activities under section 11 (2). 1 (a). c) to (f)) or under section 11 (2). 6

(a). and, where appropriate, to carry out), and the other activities referred to in the notice referred to in

§ 328 paragraph. 2 (a). (b)), from the day when the Czech National Bank pursuant to section 333

paragraph. 4 report on the transmission of data of a supervisory authority of the host

State. ".



209. In section 339 (c). and), the words "of the Czech National Bank run" are replaced by

the word "her" and after the word "activities" with the words "the information

that this supervisory authority handed the Czech National Bank ".



210. Article 344 paragraph. 1 introductory part of the provisions for the word "investor"

the words ", or is based one of the activities referred to in section 11 (1).

1 (a). c) to (f)) or under section 11 (2). 6 (a). and) ".



211. In paragraph 344. 2 the word "c) ' shall be replaced by" b ").



212. Article 344 paragraph. 3, after the words "investors", the words ", or

in the performance of any of the activities referred to in section 11 (1). 1 (a). c) to (f)) or

under section 11 (2). 6 (a). a),“.



213. In paragraph 351. 2 (a). (b)), the words "repeatedly or seriously

"shall be replaced by" seriously or repeatedly ".



214. In section 352 is at the end of paragraph 1, the following sentence "if appointed Czech

the National Bank of the liquidator, is this also, who

called. ".



215. the heading of § 361 is hereby repealed.



216. In § 361 is the existing text becomes paragraph 1 and the following

paragraph 2, which reads as follows:



"(2) the investment fund referred to in section 9 (2). 1 shall be repealed with the liquidation and

the liquidator appointed by the Czech National Bank, if its

obhospodařovatel cancelled with the liquidation, or conferring privileges

to manage this Fund, and



and the Czech National Bank decided) within 3 months from the date on which the competent

authority managers decided on its liquidation, transfer

the management of this Fund to the other managers and



(b)), this Fund is a joint stock company with variable capital,

or a limited partnership company on investment leaves. ".



217. In section 368 at the end of paragraph 1, the following sentence "If the joint-stock

company with variable capital create sub-funds shall be determined in

the decision, to which the Sub-or podfondům, these investment

shares issued. ".



218. In paragraph 369. 1 the comma after the word "capital" is deleted.



219. In § 371, paragraph. 2, § 372 paragraph. 3 and § 515, the word "If"

replaced by the word "If".



220. Section 373 of the first sentence, after the words "personalities" and the words "mutual

the Fund "shall be inserted after the words" that is the standard Fund ".



221. In section 375 (a). (b)), the word "Bank", the words "within 3 months

the date on which the competent authority decided on the abolition of managers

managers with the liquidation, ".



222. In section 396, paragraph. 2, the words "of the share certificate or" shall be deleted.



223. In section 408, the words "collective investment fund" shall be replaced by the words

"investment fund".



224. In section 413, paragraph. 1, 2 and 4 (c)) or "shall be deleted.



225. Article 416, paragraph. 1 (a). and the word) "and" Word

"proposed".



226. In section 435, paragraph. 1 the word "expiry" shall be replaced by "after the

the closing ".



227. In section 456, the words "of the Fund" shall be deleted.



228. In section 463, paragraph. 2 of the introductory part of the provisions for the word "Bank"

the words "data".



229. In paragraph 463. 2 (a). and (b))) and the words "data" shall be deleted.



230. In section 463, paragraph. 2 (a). and) point 3, the comma shall be replaced by "and".



231. In paragraph 463. 2 (a). (b)) for the word "funds", the words "and

foreign investment funds ".



232. In § 467, the following paragraph 5 is added:



"(5) Obhospodařovatel investment fund or foreign investment

the Fund shall notify the change to the Czech National Bank in the person of the administrator. ".



233. In the title of § 476, the word "Director" shall be deleted and the end of the title

the words "with the previous consent of the Czech National Bank for the performance of

function ".



234. In section 476, the words "the person or the person performing the function

According to § 21. 5 "shall be replaced by the words" the person referred to in section 515 ".



235. In § 479, paragraph. 1 (a). (f)), the words "equity" are replaced by

the words "transparent and safe, and that the origin of the capital" and at the end of the text

subparagraph (f)), the following words ", and which will be located in accordance with the

the rules for the location of the capital (§ 32). "



236. In § 479, paragraph. 1 (a). (f)), and (b) in section 482. (f)), the words "all

indications are that it will be "shall be replaced by the words" do not arise reasonable grounds for concern that the

It will not ".



237. In § 479, paragraph. 1 (a). (h)), the word "exposes" shall be replaced by the words

"not the reason to worry is that it will not be made available."



238. In § 479, paragraph. 1 for the letter i) the following point (j))

added:



"(j)), certify the prerequisites under section 507, paragraph. 1, intends to do

one of the activities referred to in section 11 (1). 1 (a). (c) to (f))) ".



Subparagraph (j)) and to) are known as the letters k) and (l)).



239. In § 479, paragraph. 2, introductory part the provisions of:



"The Czech National Bank has granted permission to the activities of investment companies,

If only qualified to manage venture capital funds

in accordance with article 3 (b). (b)) usable code directly in the European Union

relating to the European venture capital funds ^ 7), qualified funds

social entrepreneurship in accordance with article 3 (b). (b)) usable

the European Union's regulation governing the European social funds

Business ^ 9) or comparable foreign investment funds, also on

the request of the joint-stock company, or at the request of the founder or founders

joint-stock company before the day of its registration in the commercial register,

If its registered office and head office is or should be in the Czech Republic,

and ".



240. In section 480 paragraph. 1 (c)) shall be deleted.



Existing subparagraph (d)) to (f)) are renumbered as paragraphs (c) to (e)).)



241. In section 480 paragraph. 1 (a). (c)), the word "Administrator" is deleted.



242. In section 480 paragraph. 2 (b)) shall be deleted.



Former points (c) to (f))) are renumbered as paragraphs (b) to (e)).)



243. In paragraph 480. 3 of the introductory part, the words "provisions under section 15(2).

1 "shall be replaced by the words" entered in the list maintained by the Czech National Bank

in accordance with section (a) 596. (f)) ".



244. In paragraph 481. 1 for the letter i) the following point (j))

added:



"(j)), certify the prerequisites under section 507, paragraph. 2, intends to do

one of the activities referred to in section 11 (1). 1 (a). (c) to (f))) ".



Subparagraph (j)) and to) are known as the letters k) and (l)).



245. Article 484, paragraph. 1 the word "h)" shall be replaced by ", i); However, unless the

in the course of the proceedings on the request shown under section 479 prerequisites

paragraph. 1 (a). and (b))) and (j)), the Czech National Bank shall reject the application. "



246. Article 484, paragraph. 2 the word "j)" shall be replaced by ")".



247. In paragraph 485. 1, point (b)) the following new point (c)), which

added:



"(c)) to perform administration



1. the standard funds,



2. foreign investment funds comparable to the standard Fund



3. special funds



4. foreign investment funds comparable special fund



5. the funds for qualified investors, with the exception of the qualified funds

risk capital in accordance with article 3 (b). (b) a directly applicable regulation)

The European Union governing the European venture capital funds ^ 7) and

qualified social entrepreneurship Fund referred to in article 3 (b). (b))

directly applicable provision of the European Union relating to European funds

social entrepreneurship ^ 9), with a resolution, whether it is their obhospodařovatel

entitled to exceed the determined limit,



6. foreign investment funds comparable to the Fund

qualified investors, with the exception of foreign investment funds

comparable with qualified venture capital fund, in accordance with article

3 (b). (b)) usable directly relating to the regulation of the European Union

the European venture capital funds ^ 7) and foreign investment funds

comparable with a qualified social entrepreneurship Fund referred to in article

3 (b). (b)) usable directly relating to the regulation of the European Union

European funds of social entrepreneurship ^ 9), with a resolution, whether it is their

obhospodařovatel entitled to exceed the determined limit,



7. qualified venture capital funds referred to in article 3 (b). (b))

directly applicable provision of the European Union relating to European funds

venture capital ^ 7),



8. foreign investment funds comparable to the qualified

venture capital fund referred to in article 3 (b). (b)) usable

the European Union's regulation governing the European venture

capital ^ 7),
9. qualified social entrepreneurship Fund referred to in article 3 (b). (b))

directly applicable provision of the European Union relating to European funds

social entrepreneurship ^ 9), or



10. foreign investment funds comparable to the qualified

social entrepreneurship Fund referred to in article 3 (b). (b)) usable

the European Union's regulation governing the European social funds

Business ^ 9) ".



Former points (c) and (d))) shall become points (d) and (e)).)



248. In section 485, paragraph. 1 (a). (d)) the introductory part of the provisions of the words

"to carry out the Administration with a resolution, whether it is entitled to", and comma deleted.



249. In paragraph 485. 1 (a). (d)) at the end of the text of points 5 and 6 are added

the words "with the resolution, whether it is their obhospodařovatel shall be entitled to

exceed the determined limit ".



250. In section 485, paragraph. 1 (a). e), the words ", and which of these activities is

entitled to exercise for other ' shall be deleted.



251. In section 486 of paragraph 1. 1 (b)):



"(b)), a special fund of Fund of the standard, the qualified pool

qualified investors, venture capital fund referred to in article 3

(a). (b)) usable directly relating to the regulation of the European Union

the European venture capital funds ^ 7) or qualified Fund

social entrepreneurship in accordance with article 3 (b). (b)) usable

the European Union's regulation governing the European social funds

^ 9) and business ".



252. § 487:



"§ 487



In the scope of the decision on grant of authorisation under section 482, Czech National Bank

indicate whether the main administrator is entitled to



and Administration)



1. special funds



2. foreign investment funds comparable special fund



3. funds for qualified investors with a resolution, whether it is their

obhospodařovatel entitled to exceed the determined limit, or



4. foreign investment funds comparable to the Fund

qualified investors with a resolution, whether it is their obhospodařovatel

entitled to exceed the determined limit, and, where appropriate,



(b)) to perform activities referred to in section 38, paragraph. 2 (a). and) or (b)) in respect of

to



1. special funds



2. foreign investment funds comparable special fund



3. funds for qualified investors, or



4. foreign investment funds comparable to fund qualified

investors. ".



253. In section 488, paragraph. 1 (a). and) the words "or senior persons" shall be replaced by

the words "or of the person in accordance with § 21. 5. "



254. Section 500 the present text becomes paragraph 1 and the following

paragraph 2, which reads as follows:



"(2) the procedure referred to in paragraph 1 shall also apply to the additional authorisation under

§ 507. ".



255. Article 502, the words "on whose" shall be replaced by the words "the fact on the

whose "and" number "is added after the comma 481.



256. In section 505 the number "513" is deleted.



257. section 506:



"§ 506



(1) the Czech National Bank will decide on the deletion of the list maintained pursuant to

This Act, in the case of



and the investment company if) she was withdrawn authorisation for activities

investment companies,



(b)) managers located in a foreign State, if he died

permissions to manage investment fund,



(c)) the main administrator, when he was withdrawn authorisation for activities

the main administrator,



(d)), the administrator is located in a foreign State, if he died

permission to perform administration of investment fund,



e) depositary of an investment fund, if



1. investment fund activity depositary for more than 24 months,



2. If it does not have created the preconditions for the fulfilment of the obligations of the depositary

Investment Fund, or



3. on the request and at the time of submission of the application does not perform the activities of the depositary

Investment Fund,



(f)) of the person referred to in section 15, paragraph. 1, if you ceased to be a person in accordance with section

15 paragraph. 1, which is required to be registered in the list,



(g)) of the person who may be appointed as the liquidator of an investment company,

collective investment fund with legal personality and capital

the administrator or receiver of the investment company and the Fund

collective investment undertakings with legal personality, if



1. without serious reasons, withdrew from the functions of the liquidator or of forced

the administrator,



2. seriously or repeatedly breached its obligation arising from the function

the liquidator or receiver,



3. does not meet the statutory conditions for registration to the competent

the list, or



4. it has requested, and at the time of submission of the application does not perform the function of liquidator

or receiver.



(2) the deletion referred to in paragraph 1 shall decide, Czech National Bank



and at the date of acquisition) the decision concerning the withdrawal of authorizations

This person,



(b)) at a later date referred to in the decision concerning the withdrawal of authorizations

This person, or



(c)) to another day, for example, the date proposed by the who about the deletion of the

asked. ".



258. under section 506 the following new section 506a and 506b:



"§ 506a



(1) the Czech National Bank also decides to exclude from the list maintained by the

under this Act, in the case of an investment fund or foreign

Investment Fund, if



and) asked obhospodařovatel this Fund or the one who has

legitimate interest, and the conditions are met, which in the context of the

the termination of its activities in the Czech Republic under this law,



(b)) does not on its activities for more than 6 months,



(c)) has not, within 90 days from the date when it was entered in this list, filed

for registration in the commercial register, or if it was not this

the proposal has been accepted,



(d)), it became clear that the list was made on the basis of the

false or incomplete data,



e) fulfil the conditions arising from this Act,



(f)) was withdrawn authorization for the activities of the Government Investment Fund,

and this Fund does not have a State investment fund referred to in section 9,



g) to transform the Government investment fund under section 363,



(h)), it became clear that the investment fund referred to in section 9



1. the individual does not have the statutory authority and



2. its obhospodařovatel not longer than 6 months of the authorisation to

management of the investment fund,



I) has lapsed,



(j)) is not longer than 3 months, or the depositary



to) for other reasons arising from this Act.



(2) the deletion referred to in paragraph 1 shall decide, Czech National Bank



and on the date of demise) investment fund with legal personality, the relocation

registered office abroad or on the date of the changes to business investment

the Fund, with legal personality,



(b) on the date of demise), mutual fund or the conversion of foreign investment

the Fund at the date of distribution or winding-up of the balance,



(c) the date on which the Administration) to the Trust Fund, the Trust Fund of the conversion

the foreign investment fund or to the date on which the trustee

asked about the end of the administration of the Trust Fund,



(d) the date of the change) the legal form of investment fund, as a result of which the

at the same time is written to another list under section 597 (f). and (c))), or



(e)) to another day, for example, the date proposed by the who about the deletion of the

asked.



section 506b



(1) the Czech National Bank will decide on the deletion of a list maintained by

This Bill, if it were established fact, that the implementation of deletion

so warrant.



(2) in cases under section 506 the deletion of paragraph 1. 1 (a). and (d)), to), and (f)) and article 506a

paragraph. 1 (a). and (c))), f), (g)) and i) with decision in writing is not made out. ".



259. In section 508, paragraph. 1, section 508, paragraph. 2 (a). and) point 1 and section 508, paragraph. 2

(a). (b)) for the word "company", the words ", the main

the administrator ".



260. In section 508, paragraph. 2 (a). and (2)) for the word "company" shall be

the words ", the main administrator."



261. In paragraph 509. 1, after the word "company", the words "authorized to

to manage collective investment fund ", the words" or to dominate

other legal persons "shall be deleted and the second sentence shall be deleted.



262. In paragraph 2 of section 509:



"(2) the Czech National Bank has given its consent in accordance with paragraph 1, if the



and investment company) has become indefinitely liable partner

companies or other legal persons, or



(b)) in connection with the proposed acquisition or increase of qualifying

participation in other legal person formed reasonable grounds for concern that this would

the acquisition or increase was in conflict with the requirement of sound and prudent

the performance of the activities. ".



263. In paragraph 509. 3, the words "this investment company" shall be replaced by

the words "of the investment fund or the registration of the investment fund

to the list ".



264. In section 511, paragraph. 2 (a). and) point 1, the words "all indications are that the

obhospodařovatel has a "shall be replaced by" not the reasonable grounds for concern that the

obhospodařovatel does not have. "



265. In the second subparagraph of section 513. 1, point (b)) the following new point (c)), which

added:



"(c)) shall submit the status of investment fund".



Former points (c) and (d))) shall become points (d) and (e)).)



266. In section 514, the words "to (d))" shall be replaced by "a, c) and (e))".



267. In section 517 paragraph 2 is added:



"(2) the fact that the person concerned acts as an employee or elected

the authority for other persons within the group, in the assessment of the facts

referred to in section 516, paragraph. 1 (a). (g)). ".



268. In section 529 paragraph. 4 (b). (d)) for the word "shareholders", the words

"or of the shareholders".
269. In section 530 paragraph. 2, after the word "Fund", the words ", except where the

the case referred to in paragraph 1, second sentence, ".



270. In section 534 (a). (f)), for the word "Fund" shall be inserted the word "publicly".



271. In section 534 (a). l) for the number "2", the words "the second sentence".



272. In paragraph 545. 3, the word "day" is inserted after the word "acquisition".



273. In paragraph 549. 1 at the end of subparagraph (a)) following the word "or", in

subparagraph (b)), the word "or" is replaced by a dot and the letter c) shall be deleted.



274. In section 550, paragraph 3 is deleted.



275. In section 553, at the end of paragraph 3 the following sentence "Vykonatelností

This decision is at the same time renewing the remit of the authority authorised

otherwise, under this Act or other legislation in these

cases to decide. "



276. In paragraph 554. 2 the word "or" after the word "investment" is deleted.



277. In paragraph 558. 1 the words "autonomous collective Fund

investments "shall be replaced by" Government Investment Fund, which

the Fund is a collective investment undertaking "and the words" self-governing Fund

a collective investment undertaking "shall be replaced by" autonomous investment

the Fund, which is a collective investment fund, ".



278. In § 571 of the first sentence, the words "subject to the supervision of the Czech National Bank"

replaced by the words "subject to the supervision of the notifying authority".



279. In paragraph 576. 4 the number of the "14" is replaced by "13".



280. In section 579 (a). (j)), the number "492", the words "paragraph. 1 "and in the

(a). l) after the words "foreign investment fund", the words "

who is entitled to exceed the determined limit ".



281. In paragraph 580. 2 (a). and the word ") and" shall be replaced by the words "or

comparable "and the words" comparable with the standard Fund "

shall be deleted.



282. In paragraph 580. 2 (a). (b)), for the words "management of foreign

investment funds "shall be inserted after.



283. In paragraph 580. 5, the words "that are not the standard Fund"

be deleted and the words "foreign investment funds" are added after the words

"who is entitled to exceed the determined limit".



284. In paragraph 583. 1 (a). and the words "or) section 325, paragraph. 1 "shall be replaced by

the words "§ 321, paragraph. 1, section 325, paragraph. 1 or § 326 ".



285. In paragraph § 583. 2 (a). and (c))), after the words "investors or"

the words "to the comparable" and the words "comparable with a special

the Fund or with the Fund for qualified investors "are deleted.



286. In section 585, the words "who is entitled to exceed the determined limit,

or a comparable "shall be replaced by the word" or "after the words" foreign

Investment Fund "shall be inserted after the words" who is entitled to exceed the

the decisive limit ".



287. In paragraph 587. 1 and 2, after the word "society", the words

"eligible exceed the determined limit" and the word "Fund" shall be inserted after

the words "shall not exceed the authorized limit of decisive".



288. In paragraph 593. 1, after the word "company", the words "authorized to

exceed the determined limit ".



289. In the section at the end of the text of 596 (d)), the words ", which

farm ".



290. In section 597 (f). (c)), the word "and" shall be replaced by a comma at the end of point (a)

(d)), the dot is replaced by the words ", except in the case referred to in subparagraph (e)), and"

and the following point (e)), which read:



"e) foreign investment funds comparable special fund

or with the Fund for qualified investors, whose obhospodařovatel is

entitled to exceed the determined limit and in which investments in

The Czech Republic under the plan only offered otherwise than in public. ".



291. In paragraph 599. 1 (a). I), the words "24 and 25" is replaced by "23 to

25. "



292. In § 599 of paragraph 1. 1 (a). about), after the words "first,", the words "§

467, paragraph. 5. "



293. In § 599 of paragraph 1. 5 (a). (d)), the words "in a commercial company or other

name or designation "shall be replaced by" name ".



294. In paragraph 599. 5 (a). e), the words "trade name or other name

or the designation "shall be replaced by" his name or the name ".



295. In section 604, paragraph. 1 at the end of the letter), the word "or" shall be deleted,

the end of paragraph 1, the period shall be replaced by "or", and the following

the letter m) is added:



"m) informs the consumer before conclusion of the contract or before

the consumer shall make a binding offer, in fact according to the text

section 1843 of the civil code. ".



296. In paragraph § 604. 4 in point (b)), the word "or" shall be deleted, and in point (c))

the dot is replaced by the word "or" and the following point (d)), which

added:



"(d)) does not ensure that its name meet the requirements under section 635.".



297. In section 604, paragraph. 6 (a). and the words "or) l)" are replaced by the words "to

m) ".



298. In section 612, paragraph. 2 (a). j), the words ', which shall include the activities of

referred to in section 71, paragraph. 1.0 "shall be replaced by" referred to in section 669 (b). and)

(c)) ".



299. In section 614, paragraph. 1 (a). (f)) and in section 618, paragraph. 1 (a). (f)), the words "323

or section 325, paragraph. 4 "shall be replaced by the words" paragraph 317. 4, § 322 paragraph. 3, § 323,

section 325, paragraph. 4 or § 325a, ".



300. In section 614, paragraph. 1 (a). j) to (l)) and in section 618, paragraph. 1 (a). (j) to (l)))

the words "uses in its name or designation of the business company" shall be replaced by

the words "used in its name the words".



301. In section 614, paragraph. 1 (a). m) and in section 618, paragraph. 1 (a). m), the words

"apply" shall be replaced by the indication "to be used in its name the words".



302. In section 614, paragraph. 1 (a). n) and § 618, paragraph. 1 (a). n) the word

"apply" shall be replaced by the words "or 3", and is used at the end of the text of the letter n)

the words "or the shape is derived from one of the following indications,

as well as the mark likely to cause a risk of confusion with one of these

the designation ".



303. In section 615, paragraph. 5 and section 619, paragraph. 5, the words "person"

replaced by the words "the person referred to in section 515".



304. In section 616, paragraph. 2, after the word "that", the words "in violation of section 538

paragraph. 2 "and the words" any of the data or any of the facts referred to in section

538 paragraph. 2 "shall be replaced by the words" how to eliminate defects or

redress ".



305. In section 616, paragraph. 4 (b). and the number "5") "shall be replaced by the number" 4 ".



306. In paragraph 617. 1 the word "offence" shall be replaced by the words "administrative

tort ".



307. In § 618, paragraph. 2 the introductory part, the words ' the provisions of the administrative

tort "shall be replaced by the word" offence ".



308. In paragraph 622. 1 sentence the second number "4" is replaced by "2 sentence

the second, or in section 17(2). 3. "



309. Article 624, paragraph. 1 the second sentence, the words "or its Member" shall be deleted.



310. In § 626, the following paragraph 3 is added:



"(3) Foreign Investment Fund, which is not comparable with the standard

Fund and for which the Czech National Bank decided that is comparable to the

a special fund shall be regarded as comparable with the Fund of qualified

investors. ".



311. section 628 including title:



"§ 628



Real estate



If this law the concept of "real property" means the real thing

including its accessories. ".



312. In paragraph 634. 1 to 3, the words "in a commercial company or another name

or of the designation "shall be replaced by the words" in its name. "



313. In paragraph 634. 4, the words "the description" shall be replaced by "name".



314. In paragraph 634. 5, the words "trade name or other name or

the designation "shall be replaced by the word" Name ".



315. In section 634, the following paragraph 6 is added:



"(6) if section 634 to 636 term" name "means other

a designation used in the business, including the amendment to the name. ".



316. In section 635, the words "trade name or other name or mark"

replaced by the words "the name of the investment fund managers,

the administrator of an investment fund or ", the word" misleading "is replaced by

the word "misleading" and the word "this" shall be replaced by the words "of the

the investment ".



317. In section 636, paragraph. 1 and 2, the word "use" is replaced by the word "use".



318. In paragraph 637. 2 the word "led" replaced by the word "maintained".



319. In section 638 of paragraph 1. 3 (b). and), the word "standard" is replaced by

"investment" and the words "comparable with the standard Fund"

shall be deleted.



320. In paragraph 638. 3 (b). (b)), the word "standard" is replaced by

"investment" and the words "comparable with the standard Fund" shall be deleted.



321. In paragraph 639. 2, after the word "confidential" shall be inserted after the words "in accordance with

paragraph 1 ".



322. In section 648, the word "and" at the end of subparagraph (a)) shall be replaced by "or".



323. section 661 including title:



"§ 661



To enable the foreign person



(1) until the date to be determined by regulation of the European Union issued on the basis of article

paragraph 67. 6 of the directive of the European Parliament and of the Council governing the administrator

alternative investment funds ^ 5) as the date from which it shall apply

articles 35 and 37 to 41 of this directive, in so far as it

invoke, do not apply the provisions of this law, which is invoked by the



and the reference state)



(b) foreign investment fund management), whose home

the State is a Member State, a foreign person with permission according to § 481,



(c) the offering of investment in) investment fund or foreign

Investment Fund in another Member State by a foreign person with permission

under section 481, and
(d)) the authorisation of a supervisory authority of another Member State with

the authorisation under section 481.



(2) a foreign person that has been granted an authorisation pursuant to § 481 before the

the date referred to in paragraph 1 shall, within 3 months from this date, the Czech

the National Bank that satisfies a condition under section 481, paragraph. 1 (a). and).

They can demonstrate this, or does not comply with this condition, the Czech National Bank to her

This authorisation shall be withdrawn. ".



324. In section 665, paragraph. 3 (b). (b)), the number "1" is replaced by "2".



325. In paragraph 670. 4, the words "requirements for qualitative criteria"

replaced by the words "quality requirements".



326. § 674 for the number "669", the words "(a). and (c))) ".



Article. (II)



Transitional provisions



1. The scope of the authorization for the activities of the investment companies, Government

Investment Fund or the main administrator issued before the date of

the entry into force of this law corresponds to the date of entry into force of this

law comparable extent of such authorisations in accordance with Act No 240/2013

Coll., as amended, effective from the date of entry into force of this Act. Czech

the National Bank shall be drawn up at the request of the investment companies, Government

Investment Fund or the main administrator listing with information on the range of

their authorisation for activities according to the law No. 240/2013 Coll., as amended by

effective from the date of entry into force of this Act.



2. the procedure for applications for permits for activities of investment companies,

Government investment fund or the main Administrator initiated

before the date of entry into force of this law, and to this day been

the executor shall be completed in accordance with Act No 240/2013 Coll., as amended effective

from the date of entry into force of this Act. The deadline, which in these

proceedings commenced before the date of entry into force of this law, and to this

the day did not end, running from the date of entry into force of this Act again. Czech

the National Bank shall notify the applicant within 15 working days from the date of acquisition

the effectiveness of this law, how it intends to control in its application with regard to the

the entry into force of this Act, and shall invite him to proceed to the placing

the application in accordance with the requirements of this Act.



3. Investment Company, local government investment fund and the main

the administrator shall give its ratios, and ratios of investment funds, which

manages, in line with the requirements arising from Act No. 240/2013

Coll., as amended, effective from the date of entry into force of this Act, the date of

March 31, 2015.



4. Depozitářská contract in accordance with section 73, paragraph. 1 (a). (f)) and section

670 paragraph. 1 (a). f) of Act No. 240/2013 Coll., as amended, effective from the date of

the entry into force of this Act, until 31 December 2006. March 2015.



PART THE SECOND



The amendment to the law on the financial arbitrator



Article. (III)



Law no 229/2002 Coll. on the financial arbiter, as amended by Act No.

558/2004 Coll., Act No. 57/2006 Coll., Act No. 264/2006 Coll., Act No.

285/2009 Coll., Act No. 281/2009 Coll., Act No. 180/2011 Coll., Act No.

241/2013 Coll. and Act No. 278/2013 Coll., is hereby amended as follows:



1. In article 1 (1). 1 (d)):



"(d) the person administering or implementing) the administration of the Fund

collective investment schemes or offering investment fund

for collective investment or comparable foreign investment

the Fund and the consumer in the management or implementation of the Administration

collective investment fund or offering investment in the Fund

for collective investment or comparable foreign investment

the Fund ".



2. In section 3, paragraph 3. 1 (d)):



"(d)) the person administering the Fund for collective investment, conducting

the administration of the Fund, collective investment schemes or offering investment

to collective investment fund or a comparable foreign

Investment Fund ".



3. In section 3, paragraph 3. 2 the term "customer" shall be replaced by the words "those interested in the

insurance, the policyholder, the insured person, beneficiary or obmyšlený ".



PART THE THIRD



Amendment of the Act on the capital market



Article. (IV)



Act No. 256/2004 Coll., on business on the capital market, as amended by law

No 635/2004 Coll., Act No. 179/2005 Coll., Act No. 377/2005 Coll., Act

No 56/2006 Coll., Act No. 57/2006 Coll., Act No. 62/2006 Coll., Act No.

70/2006 Coll., Act No. 159/2006 Coll., Act No. 120/2007 Coll., Act No.

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

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

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

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

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

41/2011 Coll., Act No. 139/2011 Coll., Act No. 188/2011 Coll., Act No.

420/2011 Coll., Act No. 428/2011 Coll., Act No. 37/2012 Coll., Act No.

172/2012 Coll., Act No. 254/2012 Coll., Act No. 134/2013 Coll., Act No.

241/2013 Coll., Act No. 303/2013 Coll. and Act No. 135/2014 Sb, is amended

as follows:



1. In § 21. 8 and section 22(2). 6 at the end of the text, the words "shall be added;

for the investment company authorised to manage the standard funds

or comparable foreign funds or comparable foreign person

carrying out any of the activities referred to in section 11 (1). 1 (a). c) to (f)) or

under section 11 (2). 6 (a). and the law governing investment company)

and investment funds, however, uses ".



2. In section 36i paragraph. 4 with the number "6" is replaced by "7".



3. In paragraph 92. 3 (b). (b)), section, paragraph 93. 2 (a). (b)) and in section 93, paragraph. 3

(a). (b)), the word "Administrator" is replaced by "the person who is entitled to

According to the law governing investment companies and investment funds

exercise the safekeeping of securities and registration of book-entry

securities "and the words" whose administration carried out, and that is

entitled to exercise custody of securities and registration

book-entry securities "shall be deleted.



PART THE FOURTH



Amendment of the Act on the activities of institutions for occupational retirement provision



Article. In



Act No 340/2006 Coll., on the activities of institutions for occupational retirement provision

insurance, as amended by law No 248/2008 Coll., Act No. 281/2009 Sb.

Act No. 260/2011 Coll. and Act No. 241/2013 Coll., is hereby amended as follows:



1. At the end of the footnote text no 1, the words ", in

the text of the directive of the European Parliament and of the Council of 13/14/EU ".



2. In section 10b (b). (c)), the words "of the annual accounts and annual

reports, and all the documents necessary for the purposes of supervision; between these

documents may include internal interim reports, actuarial

evaluation and detailed assumptions, studies on the assets and liabilities, the evidence

compliance with the principles of the investment policy, the evidence of the regular cover

contributions, reports the persons responsible for auditing the annual accounts "

replaced by the words "to monitor the adequacy of the procedures of the credit

carried out by the institution, and to evaluate the use of references to credit ratings

issued by credit rating agencies in its investment policy. "



3. In section 10b for the letter c) the following new subparagraph (d)), which read:



"(d)) to require the institution, based in the Czech Republic the granting of

the annual accounts and annual reports, and all the documents necessary

for the purposes of supervision; These documents may include internal preliminary

reports, actuarial valuations and detailed assumptions, studies of

assets and liabilities, the evidence of consistency with the investment-policy principles,

evidence of contributions, reports of persons responsible for

the audit of the annual accounts ".



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



4. In section 10f of paragraph 1. 1 at the end of paragraph (i) is replaced by a comma and dot)

the following point (j)), which read:



"(j)) investment policy cannot be based only on an exclusive or

mechanical reliance on credit ratings issued by the credit rating agencies. ".



PART THE FIFTH



The EFFECTIVENESS of the



Article. (VI)



This law shall enter into force on 1 January 2005. January 1, 2015, with the exception of the provisions

article. In, which shall take effect on the date of its publication.



In r. hamáček.



Zeman in r.



Sobotka in r.