Key Benefits:
ACT
of 28 August 1997
on the organisation and functioning of pension funds 1)
Chapter 1
General provisions
Article 1. [ Substantive Scope] The Act sets out rules for the creation and operation of pension funds, hereinafter referred to as "funds".
Article 2. [ Funds Status] 1. The Fund is a legal person.
2. The object of the fund's activities is the collection of funds and their placement for the payment of the members of the pension fund after they have reached the retirement age and the partial pensions referred to in the Act of 17 December 1998 o pensions from the Social Insurance Fund (Dz. U. of 2015 items 748, of late. ism.), or periodic capital pension as referred to in the Act of 21 November 2008. o retirement of capital (Dz. U. of 2014 items 1097), subject to paragraph. 3.
3. The object of the voluntary fund's activity is to operate an individual pension account, hereinafter referred to as the "IKE", or an individual account of the pension protection, hereinafter referred to as "IKZE", as referred to in the Act of 20 April 2004. on individual pension accounts and individual accounts of the pension insurance (Dz. U. of 2014 items 1147 and 2015 items 978 and 1844).
4. The object of the activity of the employee of the fund managed by the employee company, the founder or shareholder of which is the foreign employer, in addition to the activities referred to in the paragraph. 2 and 3, it may be the admission of foreign workers 'contributions in connection with the implementation of a foreign employer's pension scheme to cover in whole or in part of the biometric risks or guarantees, hereinafter referred to as' the acceptance of employees ' contributions foreign ", on the basis of a contract for the acceptance of contributions made by an employee's fund with a life insurance undertaking, under which the life insurance undertaking takes over the handling of any biometric risks or guarantees related to the implementation of the pension scheme of the foreign employer, hereinafter referred to as ' the contract of acceptance of contributions ".
Article 3. [ Pension Society] 1. The fund's body is a pension society, hereinafter referred to as the "company", created in accordance with the provisions of the Act.
2. The Society shall create a fund and, as its authority, manage it and represent it in its relations with third parties.
3. The Society shall represent the fund in the manner specified for the representation of the company in its statutes.
Article 4. [ Seat] The seat of the company is the seat of the fund
Article 5. [ Liability for commitments] The members of the fund shall not be responsible for its obligations
Article 6. [ Assets] 1. The contributions paid into the fund, acquired for them or in connection with them the rights and benefits of these rights shall constitute his assets.
2. The value of the net assets of the fund shall be determined by reducing the value of the assets of the fund of its
3. The assets connected with the performance of obligations under the contract for the acceptance of contributions shall not be the subject of enforcement directed against the life insurance undertaking and covered by the arrangement procedure, and shall not be included in the mass composition the bankruptcy of an insurance undertaking for life.
Article 7. [ Other laws] The Act does not violate the provisions of other laws that provide for the payment of cash benefits in connection with the achievement of the retirement age.
Article 8. [ Definitions] The terms used in this Act shall have the following meanings:
1) affiliated entity-means in relation to a given entity a parent, a subsidiary or an affiliated entity within the meaning of the Act of 29 September 1994. of accounting (Dz. U. of 2013 r. items 330, of late. zm.) and a subsidiary of the parent entity in relation to that entity;
(1a) a parent undertaking shall mean a parent undertaking within the meaning of the accounting rules;
2) a member of the fund-means the natural person who has obtained membership of the fund in accordance with the provisions of the Act;
3) transfer payment-means the transfer of funds held in the account of a member from one fund to another fund or transfer of such funds made between accounts of the same fund, irrespective of the state of the account;
(3a) voluntary fund-means a fund set up and managed by a common company, the host of IKE or IKZE;
(3b) contributions shall mean the contributions paid into the open fund, the contributions paid and the shares transferred to the staff of the fund, and the appropriations paid into the voluntary fund;
4) (repealed)
(4a) periodic capital retirement-shall mean the pension referred to in the Act of 21 November 2008. of capital pensions;
4b) (repealed)
5) open fund-means an open pension fund that has been created and is managed by a common company;
6) employee fund-means an occupational pension fund which has been created and is managed by an employee company;
6a) pension fund FUS-means the Pension Fund of the Social Insurance Fund referred to in art. 55 par. 1 point 1 of the Act of 13 October 1998. o Social Security System (Dz. U. of 2015 items 121, of late. zm.);
7) company-means a joint stock company which is a body of the fund;
8) common company-means the universal pension society which is the body of an open fund or voluntary fund;
(9) a worker company, shall mean an occupational pension society which is an employee of the fund;
10) foreign employer-means an entity, regardless of its legal form, established in the territory of one of the Member States of the European Union, the country of the European Economic Area not being a member state of the Union A European or Swiss Confederation, which, within the meaning of the relevant social security legislation and the labour law of that State, is an employer or self-employed person;
11. foreign supervisory authority-means the national authorities of a Member State of the European Union, competent to supervising the implementation of the foreign employer's pension scheme;
12) a foreign employer's pension scheme-means the rules for the collection of savings for pension purposes, the applicable foreign employer;
13) guarantees-means guarantees of investment results and a given level of benefits;
14) foreign worker-means a natural person employed by a foreign employer;
15) biometric risk-means the risks associated with death, disability or longevity;
16) life insurance undertaking-shall mean the insurance undertaking carrying out the insurance activities referred to in Chapter I of the Annex to the Act of 11 September 2015. about insurance and reinsurance activities (Dz. U. Entry 1844);
17) regulated market in countries other than the Republic of Poland-means operating in a permanent manner in the states referred to in art. 141 (1) 4, a system of trading in financial instruments authorised for that trading, providing investors with universal and equal access to market information at the same time when associating acquisitions and disposals of financial instruments and equal conditions the acquisition and disposal of these instruments, organised and supervised by the competent authority and, in the case of a market operating in countries which are members of the European Union, recognised by that State to fulfil those conditions and to the Commission European as a regulated market.
Art. 8a. [ Referral] If the Act is set out in the Act of 20 April 2004. about occupational pension schemes (Dz. U. of 2014 items 710 and from 2015 items 1844), it is also necessary to understand the relevant provisions of social security law and labour law concerning the organisation of pension schemes, which are competent for the foreign employer's head country.
Chapter 2
Pension funds
Article 9. [ Create Fund] 1. The Fund shall be created as open, employee or voluntary.
2. The Fund shall be created exclusively by the company.
Article 10. [ Name] 1. The name of the open fund contains the term "open pension fund", the name of the employee fund contains the term "occupational pension fund", and the name of the voluntary fund contains the term "voluntary pension fund".
2. A total fund created in accordance with this Act shall be entitled to use in its name or to determine its activities or in the advertising of the term 'pension fund'.
Article 11. [ Duration] The duration of the fund is unrestricted.
Article 12. [ Formal Requirements] Creation of the fund requires:
1) to give the fund to the statute by the company;
2) conclusion by the company with the depositary of the contract for the storage of the assets of the fund;
3) obtaining by the company authorisation for the creation of the fund;
4) to enter the fund into the fund register.
Article 13. [ Statue] 1. The statutes of the fund shall be enacted by the general meeting of the company.
2. The statutes of the fund shall specify:
1. the name of the fund;
2. the company, the seat and the address of the company;
3) the amount of share capital of the company, the composition of the shareholders of the company and the number of shares held by them;
4) the manner of representing the fund by the company;
5) the company (name), the seat and address of the depositary;
(6) the types, the maximum amount, the manner and the mode of calculation and the covering costs of the fund, with the exception of the costs indicated in the Article. 136a, including the costs referred to in art. 182a;
6a) the amount of the fee referred to in art. 134 (1) 1;
7) the way of informing the fund of changes of the statutes;
8) other data provided by the provisions of the Act.
3. Apart from the data referred to in paragraph. 2, the statutes of an open fund shall specify:
1) a national daily journal intended for the fund's announcements;
2) the time limits for publication by the fund of the information prospectus.
4. Apart from the data referred to in paragraph. 2, the statutes of the staff of the fund shall specify:
1. the time limits and the form and mode of payment of the funds collected in the accounts of the members;
2) the rules for the establishment of the investment activity by the Fund, together with information on whether the fund will manage the assets itself or whether it will entrust the management of the assets to a third party;
3. the rules for the admission of the contributions of foreign workers, the company (name), the seat and the address of the life insurance undertaking and the rules of liability related to biometric risks or guarantees-where the statutes of the fund are determined the possibility of accepting contributions of foreign workers.
4a. Apart from the data referred to in paragraph. 2, the statutes of the voluntary fund shall specify:
1) the mode and conditions for the conclusion and termination of the IKE and IKZE contract;
2) the rules for operating the investment activities by the Fund.
4b. In the case where the founder or the shareholder of the employee of the company is a foreign employer and with the provisions of his national social security law and the labour law is the result of such a requirement, the statute of the employee fund may contain provisions concerning the transfer of additional information by the fund to that employer or its staff, in particular concerning:
1) the type of financial, technical and other risks related to the implementation of the foreign employer's pension scheme;
2. the risk sharing referred to in point 1;
3) the target level of benefit, where the foreign employer's pension scheme provides for the coverage of biometric risks or guarantees;
4) the amount of the payment or benefit from the pension scheme of a foreign employer providing for the coverage of biometric risks or guarantees, in the event of cessation of employment;
5) where the participants of a foreign employer's pension scheme bear the investment risk-the scope of investment policy selection, if applicable, and actual investment portfolios, as well as information on risks and costs related to investments;
6) provisions relating to the transfer of rights to the payment of a foreign employer's pension scheme to another institution of occupational retirement provision, in the case of termination of the employment relationship.
4c. In the case of the conclusion of the statute of an employee of the fund, the possibility of accepting the contributions of foreign workers to the statutes shall be accompanied by a written commitment of the foreign employer to take responsibility from the insurance undertaking for life in the extent to which it follows from a contract for the acceptance of contributions, in particular in the event that the employer fails to regularly pay the foreign workers ' contributions to cover in whole or in part the biometric risks or warranty.
5. The President of the Council of Ministers may determine, by means of a regulation, additional data to be provided in the statutes of the fund, if the interest of the members of the fund so requires.
Article 14. [ Annexes to the proposal] 1. To the application of the company for authorisation to create a fund shall be attached:
1) the statutes of the fund;
2) a contract with the depositary;
3) certificate or statement of entry in the Register of Entrepreneurs of the National Court Register;
4) personal data of persons employed in the company or persons whom the company intends to employ, having a significant impact on the financial economy of the fund;
5) a list of persons appointed by the Depositary directly responsible for the proper performance of the duties specified in the contract;
6. information on the qualifications and professional experience of the persons referred to in points 4 and 5, with an indication of which of these persons are investment advisors.
(2) A contract for the establishment of a staff member of the fund shall also be accompanied by an agreement for the acceptance of contributions and information on the countries from which the appropriations for the staff of the fund are to be transferred, if the statutes are to be adopted by the staff member concerned. the staff of the fund provides for the possibility of accepting contributions of foreign workers
Art. 14a. [ Obligations to make a statement] The statement referred to in Article 14 point 3 [ 1] It consists of a rigorous criminal responsibility for making false statements. The applicant shall be obliged to enter in it the clause of the following text: "I am aware of the criminal responsibility for making a false statement." This clause replaces instructing the body of criminal responsibility for making false statements.
Article 15. [ Permit] 1. The Polish Financial Supervision Authority, acting on the basis of separate provisions, hereinafter referred to as the "supervisory authority", shall issue a permit for the creation of the fund within 3 months from the date of submission of the application. The authorisation shall be equivalent to the approval of the Fund's statutes.
2. The supervisory authority shall refuse authorisation if:
1) the application and the documents attached to it do not meet the conditions set out in the Act;
2. the statutes of the fund shall not duly safeguard the interests of members of the fund;
3) the persons referred to in art. 14 para. Points 4 and 5 do not give a guarantee of the proper performance of the duties assigned to it.
3. In the case of an authorisation to create an employee fund, the supervisory authority shall notify the European Insurance and Occupational Pensions Authority of the granting of this authorisation, including information on its content.
Article 16. [ Application for inclusion in the fund's register] 1. After obtaining the permit for the creation of the fund, the company shall immediately submit to the court a registered application for the inclusion of the fund in the fund register.
2. The application shall be accompanied by:
1) permission to create a fund;
2) the statutes of the fund;
3) the statutes of the company creating the fund together with the certificate or statement of entry in the Register of Entrepreneurs of the National Court Register;
4) a list of the members of the management board.
2a. The statement referred to in paragraph 2. Article 2 (3), Article 2 (3) 14a shall apply mutatis mutandis.
3. The recognition of the application by the registration court shall take place within 14 days from the day of its submission.
4. The register court shall refuse to enter a fund in the register of funds if the conditions laid down by the law are not fulfilled.
5. The fund shall be notified to the supervisory authority by a copy from that register immediately after the fund has been entered in the fund register.
Article 17. [ Entry scope] 1. The entry to the fund register includes:
1. the name of the fund;
2. the company, the seat and the address of the company, the manner of representation of the company and the number of the entry of the company to the register of entrepreneurs and the designation of the court conducting this register
3) the names of the members of the management board and the prosecutors, if they have been established;
4) the company (name), the seat and address of the depositary;
5. information on the countries from which appropriations are transferred to the fund, where the statute of an employee of the fund provides for the possibility of receiving the contributions of foreign workers.
2. On any change in the data referred to in paragraph. Point 5 of the Staff Fund shall be notified immediately to the supervisory authority. As soon as a change to the fund register is entered, the fund shall transmit to the Supervisory Authority a copy of that register confirming the amendment.
Article 18. [ Termination of authorisation] The authorisation to set up a fund shall lapse if, within a period of 2 months from the date of service of the permit, the company has not requested that the fund be entered in the register of funds.
Article 19. [ Transitional legal form] 1. By the date of the signing of the fund in the fund register, the company shall carry out legal acts aimed at the creation of the fund, in its own name and on its own account.
2. When the fund is entered in the fund register, the fund shall enter into the rights and obligations of the company for the contract with the depositary referred to in art. 14 para. 1 point 2.
Article 20. [ Legal Personality] 1. The Fund shall acquire legal personality upon entry into the register of funds.
2. At the time of entry into the register of funds the company shall become the body of the fund.
Article 21. [ Fund Register] 1. The register of funds is run by the District Court in Warsaw, hereinafter referred to as the "register court".
2. The fund register shall be overt and accessible to third parties.
3. The Minister of Justice shall determine, by way of regulation, the way in which the funds register is kept, the model of that register and the detailed procedure for dealing with matters of entry in the register of funds.
Article 22. [ Change of Statutes] 1. The amendment of the statutes of the fund requires permission of the An application for authorisation shall be accompanied by:
1) the resolution of the General Assembly on the amendment of the Statutes;
2. in the case of an employee of the fund:
(a) the resolution of the supervisory board,
(b) a draft contract for the acceptance of contributions where the amendment to the Staff Regulations of the Fund provides for the possibility of the admission of foreign
2. The supervisory authority shall refuse authorisation if the change is contrary to the law or interest of the members of the fund.
The supervisory authority shall also refuse authorisation if the amendment to the statutes of the fund is contrary to the interests of foreign workers.
3. The decision on the amendment of the statutes of an open or voluntary fund shall be taken by the universal company in the form of a resolution of the General Assembly.
4. The decision on the amendment of the statute of the staff of the fund shall be taken by the staff member in the form of a resolution of the Supervisory Board. The resolution of the Supervisory Board shall require approval by the General Assembly.
Article 23. [ Notice of Change of Statutes] 1. The change of the statutes of an open fund shall declare in the national journal intended for the notices of the fund, not later than 2 months from the date of service of the open fund of consent to the amendment of the statutes.
2. The amendment of the statutes shall enter into force within the period indicated in the notice of its change, however, not earlier than the expiry of the 5 months from the date of filing of the notice.
3. The supervisory authority may allow for a reduction of the 5-month period referred to in paragraph 1. 2 if it does not violate the interest of the members of the fund or if the interest of the members of the fund so requires
4. The Fund shall notify the Supervisory Authority of the notification and its date, including the uniform text of the Statutes, and shall submit an application to the registry court for the registration of an amendment to the statutes, accompanied by the application of the approval of the supervisory authority to amend the statutes. the statutes, a resolution amending the statutes, together with the uniform text of the statutes, and information on the announcement and the date of the announcement.
4a. If the open fund does not announce the amendment of the statutes in accordance with the paragraph. 1, the supervisory authority shall determine the termination of the authorisation to amend the statutes.
5. The register court shall enter in the register information on the amendment of the statutes together with the date of entry into force of the change. Article Recipe 16 ust. 3 shall apply mutatis mutandis.
Article 24. [ Informing shareholders of changes] 1. The amendment to the statute of the employee of the fund shall require notification in writing to the shareholders of the company's employees and shall enter into force within the time limit indicated in the notice, however not earlier than the expiry of the month from the date of notification of the The last shareholder.
2. The amendment of the statutes that causes financial consequences to the members of the staff of the fund, consisting in increasing the financial burden of the fund or aggravating the conditions for members to dispose of the funds collected in their accounts, enters into life under the conditions laid down in the Act of 20 April 2004. about occupational pension schemes.
3. Rules of Art. 23 (1) 3-5 shall apply mutatis mutandis, with the fact that the application for entry in the register of amendments to the statutes shall also be accompanied by a resolution of the General Assembly approving the resolution amending the statutes.
Article 25. [ Other changes] 1. In the event of a change in the data referred to in Article 17 para. 1 point 3 of the Fund shall immediately submit an application for their inclusion in the register of funds, including a certificate or a statement of entry in the Register of Entrepreneurs of the National Court Register concerning the company.
1a. To the declaration referred to in paragraph 1. 1, rule of art. 14a shall apply mutatis mutandis.
2. The entry of changes in connection with the acquisition of the fund management by another company may take place only after the presentation of the permission of the supervisory authority to take over the management of this fund.
3. Paragraph Recipe 2 shall apply mutatis mutandis in the case of a combination of the company.
Article 26. [ Accounting] 1. Accounting of funds and time limits for drawing up, research and submission to the publication of financial statements shall be governed by the provisions of the Accounting Act.
2. The Fund's annual financial statements shall approve the company in the form of a resolution of the General Assembly.
3. An employee society may contract, in whole or in part, to other entities authorized by separate regulations, the performance of duties in carrying out the accounts of the fund staff.
Chapter 3
Pension societies
Article 27. [ Legal form] 1. The Society conducts activities exclusively in the form of a joint-stock company.
2. The Society conducts activities as a common company or an employee company.
Article 28. [ Company] 1. The company of the general company shall include the designation "common pension society", and the company of the company of the company shall bear the designation "occupational retirement company".
2. To use the indications referred to in the paragraph. 1 shall be entitled only to the company established in accordance with this Act.
Article 29. [ Subject matter of the Society] 1. The company of the company is solely the creation and management of the funds and their representation towards third parties. Only the company shall be entitled to carry out such activities.
2. The common company creates and manages only one open fund and can create and manage only one voluntary fund, and the employee company creates and manages only one employee fund, unless the management of more than one, as appropriate, an open fund, a voluntary fund or an employee of the fund, is the result of the acquisition of its management by the company or the combination of the company.
3. The universal company manages the fund for consideration.
4. An occupational society may not have an earning purpose. The shareholders of the employee of the company do not have the right to participate in the annual profit.
5. To manage the assets of an open universal fund, the company is obliged to employ at least one investment advisor.
Article 30. [ share capital] 1. The share capital of the company shall not be collected by means of a public subscription.
2. The shares of the company are exclusively imienous shares and may not be converted into bearer shares.
2a. The shares of the company shall not be subject to property security or be encumbered in any way.
3. The Society may not issue shares with special powers.
4. The Statue of the Society should treat all shareholders in the same way. In particular, the statutes may not grant additional rights to certain shareholders or restrict the rights of certain shareholders or impose additional obligations on certain shareholders.
5. If the shareholder of the company is a trade union, the organization of employers, the economic chamber or the organization of the professional self-government whose activity is derived from the provisions of the Act, the provisions of the paragraph shall not apply to the shareholder of such a company. 3 and 4.
Article 31. [ Minimum height] The minimum amount of the share capital of the universal company may not be lower than the equivalent in PLN 5 000 000, calculated according to the average foreign exchange rate of the National Bank of Poland, in force at the date of preparation of the statutes company.
Article 32. [ Money Contribution] 1. The share capital of the company shall be covered only by the contribution of money.
2. The share capital of the universal company should be paid in full before the registration of the company.
3. The share capital of the universal company shall not come from a loan or credit or be charged in any way.
Article 33. [ Equity] 1. The common company has an obligation to hold own capital at a level of not less than one second of the minimum share capital referred to in art. 31.
2. A reduction in the level of equity below the level referred to in paragraph 2. 1, the common company shall immediately notify the supervisory authority.
3. The Supervisory Authority shall in writing call upon the common company to supplement its own capital, while setting a time limit for supplementing it, not less than 3 months and no longer than 12 months.
4. In the case of non-replenishments of own capital up to the amount specified in paragraph 1, within the time limit set in the notice referred to in paragraph 1. 3, the supervisory authority may revoke the authorisation of the establishment of the company.
Article 34. (repealed)
Article 35. [ The founders of the company of the company] The founder of an employee of the company may be a natural person, a legal person or an organizational unit without legal personality, residing or established in the territory of the Republic of Poland, or an foreign employer.
Article 36. [ Explanation] Whenever this law refers to the founders of the company, it must also be understood by the shareholders of this company.
Article 37. [ Other Conditions] 1. The same entity may be a shareholder of only one common company.
2. Entities associated may be shareholders only of the same common company.
3. In the case of a merger of two or more entities in a situation where prior to the merger, each of them is a shareholder of another common company, and in the case where the entities hitherto shareholders of various general companies have become affiliation entities, the supervisory authority may agree to waiver the restrictions set out in the paragraph. 1 or 2, for a period not longer than 6 months, in order to allow an entity acting as a result of a merger or to entities that have become entities related, to adapt their activities to the requirements of the Act.
Article 38. [ Acquisition of shares] 1. Each acquisition or acquisition of the shares of the company shall require the permission of the supervisory authority, subject to the paragraph. 4. A legal action made in violation of this requirement is invalid.
2. An application for authorisation shall submit, through the company, an entity intending to acquire or take stock of the shares. The application shall be accompanied by:
1) where an entity intending to acquire or embrace shares is a shareholder of the company:
(a) a written statement stating that the cash to cover the share capital or the acquisition of shares does not come from loans, loans or are not burdened in any way,
(b) documents showing the financial situation of the entity during the last 5 years preceding the date of the application, including supporting documents showing the absence of tax arrears and the arrears of the premiums to which the application is subject to payment of the claim The Social Insurance Undertaking;
2) where an entity intending to embrace or acquire shares is not a shareholder of the company:
(a) a written statement stating that the cash to cover the share capital or the acquisition of shares does not come from loans, loans or are not burdened in any way,
(b) documents proving the legal status of the entity and the documents establishing its organisation,
(c) a written statement from the entity on capital ties with the shareholders of the company,
(d) documents showing the financial situation of the entity during the last 5 years preceding the date of the application, including documents confirming the absence of tax arrears and the arrears of the premiums to which the payment is required Social Insurance Institution.
2a. In the case of the entity intending to cover the shares, the application referred to in paragraph 2. 2, it is necessary to attach proof of payment of cash to cover the share capital.
3. The supervisory authority shall permit the acquisition or acquisition of shares, if the applicant fulfils the conditions set out in the Act for the Founders of the Society.
4. If the enclosing shareholder is an existing shareholder, he shall notify the supervisory authority of the taking of the shares within 14 days from the date of their placing. However, the coverage of shares in the number resulting in the overrun of 20%, 25%, 33%, 50%, 66%, 75% or 80% of votes at the general meeting shall be subject to authorisation by the supervisory authority.
5. The provisions of the paragraph. 1-4 shall apply mutatis mutandis to the acquisition of rights from the shares of the company.
Article 38a. [ Notice of the parent] 1. The shareholder of the universal company shall be obliged to inform immediately the universal company of any parent in relation to that Shareholder. As soon as information is received from the shareholder of the general company, the common company shall notify the supervisory authority of any parent undertaking of that universal company.
2. The Supervisory Authority may call upon the common company to submit within a given time limit, not less than 30 days:
1) documents confirming the legal status of the parent undertaking and stating its organization;
2) documents presenting the financial position of the parent undertaking in the last 5 years preceding the day of the notification referred to in paragraph 1, including confirmation of the absence of tax arrears and the arrears of the social security insurance companies.
3. Where the parent undertaking does not give a guarantee to the conduct of the affairs by a common company in such a way as to ensure due protection of the interests of the members of the open fund or of the documents presenting the entity's financial situation for the last five years, it follows that it has a tax arrears or arrears for which the Social Insurance Institution is required to collect, the supervisory authority may, by administrative decision, specify the conditions for the adjustment to the correct state. The supervisory authority shall suspend the exercise of the right to vote at the general meeting of the company by that shareholder until such time as it is adapted to the appropriate state.
4. If, as a result of the suspension of the exercise of the right to vote referred to in paragraph 1, 3, all shareholders of the universal company shall not exercise the right to vote at the general meeting of the company for more than 3 months, that the supervisory authority may withdraw the permission to create the company.
Article 39. [ Authorities of the Society] 1. The authorities of the company shall be:
1. the Management Board;
2) the Supervisory Board;
3. General Assembly.
1a. The Management Board of the Society shall not count less than three persons.
2. The Society may also have a Board of Review. The provisions of Article 1 shall apply mutatis mutandis to the review committee. 43 and 44, art. 59 (1) 1, art. 148 point 3, art. 150 point 1 letter b, art. 158 (1) 1 point 5 a, art. 204 par. 1 point 2 and art. 206 and 209 [ 2] on the Supervisory Board.
Article 40. [ The Management Board] 1. Unless otherwise provided by the statutes, the members of the management board of the universal association shall appoint and cancel the general meeting.
2. Members of the management board of the company shall appoint and cancel the Supervisory Board.
3. Members of the first management board of the company shall appoint the founders for the period of the year.
Article 41. [ Qualifications of board member] 1. A Member of the Management Board of the Society may be a person who meets the following requirements in total:
1) has full capacity for legal acts;
2) was not convicted of a final sentence for a crime against property, the reliability of the documents, the economic turnover, the turnover of money and securities, the treasury offence or the offence referred to in Chapter 22;
3) has a higher education;
4) legitimises the seniority of work not less than 7 years;
5) gives a warranty of proper performance of the function of the Management Board member.
1a. At least two persons entering the board of the Society, including the President of the Management Board, must have a proven knowledge of the Polish language.
2. At least one third of the composition of the Management Board should legitimacy of higher legal or economic education or be entered on the list of investment advisors within the meaning of the Act of 29 July 2005. marketing of financial instruments (Dz. U. of 2014 items 94, z późn. zm.).
3. The requirement referred to in paragraph 1 1 point 4 shall be met by at least two thirds of the composition of the Management Board.
4. (repealed)
5. If the requirements set out in paragraph 1 1a, 2 or 3 shall not be fulfilled in relation to the cancellation of a member of the Management Board or the withdrawal of the authorisation referred to in Article 59 (1) 3 and 4, the company is obliged, within a period of 6 months, to adapt its activity to the requirements set out in the Act.
Article 41a. [ Statement of Asset Condition] 1. Members of the management board of the universal company shall be obliged to make a declaration of their state of property. The asset declaration refers to a separate asset and the matrimonial property of the matrimonial property. This statement shall include information on:
1) holdings of cash, real estate, participation in civil companies or in personal commercial companies, shares and shares in commercial companies, as well as data on business activity and performance of functions in commercial companies;
(2) income from employment or other gainful activity or classes, with the amounts obtained from each title;
3) a movable property with a unit value equivalent to a value of PLN 3,000 in zlotys;
4) monetary liabilities of the value of the equivalent in gold above 3000 euro, including borrowings and loans and the conditions under which they were granted.
2. The declaration of assets shall be filed in two copies of the supervisory authority before taking up the duties on the Management Board and thereafter each year until 31 May, at the date of 31 December of the previous year, accompanied by a copy of the annual statement tax (PIT).
3. One copy of the statement on the assets of the supervisory authority shall transfer to the tax office the competent authority due to the place of residence of the member of the Board.
4. The analysis of the data contained in the declaration of the assets shall be carried out by the supervisory authority and the competent tax offices. The data analysis body contained in the statement is entitled to compare the content of the statement in question with the content of the statements previously made and accompanied by a copy of the annual tax return (PIT). The results of the analysis shall be communicated to the supervisory authority without delay.
5. The information contained in the declaration of the assets constitutes a secret legally protected and shall be subject to the protection provided for classified information of the classification of the "reserved" clause specified in the provisions for the protection of classified information, unless the person who made the claim expressed the written consent to disclose them. The declaration shall be kept for a period of 6 years.
6. In the event of failure to submit within the period of the declaration of the property, the supervisory authority may impose a cash penalty of up to 10 000 PLN on a member of the management board.
(7) The Minister responsible for financial institutions shall determine, by means of a regulation, a model declaration on the assets, taking into account, in particular, the information referred to in paragraph 1. 1.
Article 42. [ Subjective Exemptions] 1. A Member of the Management Board of the Universal Society shall not be a person who is a member of the governing body or the supervisory authority:
1) the entity that is a shareholder of this company;
2) another common company;
3) a depositary holding the assets of an open fund, a voluntary fund or investment fund;
4) (repealed)
(4a) the insurance undertaking;
4b) bank;
5) the company of investment funds or the entity that is a shareholder of the investment fund company;
6) a brokerage activity within the meaning of the Act of 29 July 2005. the trading of financial instruments or other trading in financial instruments within the meaning of that Act;
7) an entity related to any of the entities mentioned in points 1 to 6.
2. The ban referred to in paragraph. 1, also refers to the persons remaining with the entities referred to in paragraph. 1, in relation to work, relationship of order or other legal relationship of a similar nature.
Article 43. [ The term of office of the first supervisory board] The members of the first supervisory board of the company shall be appointed for two years.
Article 44. [ Qualifications of a member of the Supervisory Board] 1. A member of the supervisory board of the company may be a person meeting the requirements laid down in art. 41 par. 1 points 1 and 2 and the guarantee of the performance of the duties of a member of the Supervisory Board.
2. At least half of the members of the board of directors of the company should have a higher legal or economic education, except that in the case of an employee company, this requirement should meet at least half of the members of the supervisory board called in a manner other than those referred to in Article 45 par. 1.
3. At least half of the members of the supervisory board of the universal company shall be appointed from outside the circle of the shareholders of the company, the entities associated with them, the members of the governing body or the body supervising the shareholder of the company, the members of the body the management or supervisory body of entities associated with the shareholder of the company, as well as persons remaining with the shareholder or entity related to the shareholder in the employment relationship, in relation to the order or other legal relationship of similar No
4. The provisions of the paragraph. Articles 2 and 3 shall apply mutatis mutandis. 41 par. 5.
Article 45. [ Composition of the Board] 1. The supervisory board of the company shall be composed of at least one other person selected by the members of the staff of the fund on whose accounts the contributions were paid in the last 12 months preceding the day of the election.
2. The number of members of the supervisory board of the staff member of the company elected by members of the staff of the fund shall be determined by the statutes of the company and the mode of their choice shall be determined by the rules of procedure adopted by the Supervisory Board.
3. The Rules of Procedure referred to in paragraph 1. 2, specifies, in particular, whether the members themselves, or the representatives elected by them, are to participate in the elections, and shall specify the rules for the cancellation of the persons elected to the supervisory board before the expiry of the supervisory board. The Rules of Procedure shall not make the choice of the number of persons participating in the elections subject to an
4. If the Rules of Procedure provide for elections through representatives of members, it shall also specify the mode of choice and dismissal of the representatives and the duration of their term of office.
5. The first selection of the members of the supervisory board elected by the members of the staff of the fund shall take place no later than within 3 months from the date of adoption by the fund of the first contribution. Until then, the Supervisory Board operates in the composition chosen by the founders of the company's company and counts not less than 5 persons.
6. Failure to choose the members of the supervisory board elected by the members of the staff of the fund within the time limit referred to in the paragraph. 5, does not prevent the supervisory board from taking any important resolutions.
7. In the event of an expiry, before the expiry of the term of office of the supervisory board, the mandate of a member of the supervisory board chosen by the members of the staff of the fund, the supervisory board announces immediately the supplementary elections
Article 46. [ Application of Code of Commercial Companies] The provisions of Article 4 385 § 3, 5 and 6 of the Code of Commercial Companies apply only to those members of the supervisory board of the company, who are appointed in a different manner than the one specified in art. 45 par. 1.
Article 47. [ Exemptions] An employee of a general company making decisions on how to invest an open fund or a voluntary fund shall not be a person who is a member of a management body or a supervisory body or a member of a working relationship, the relationship of the order or any other legal relationship of a similar nature with the entities referred to in Article 42 par. 1 points 1 to 7.
Art. 47a. [ Application of provisions of the Act] The provisions of Article 4 41a shall apply mutatis mutandis to the employees of the universal societies referred to in Article 4. 47.
Article 48. [ Liability for damages] 1. The Society shall be liable to the members of the fund for any damage caused by the non-execution or improper performance of its duties in the management of the fund and its representation, unless the non-execution or improper performance of these the duties are due to circumstances, for which the company is not responsible and which could not have been prevented, despite the fact that the highest diligence had been carried out.
2. For the damage due to the non-performance or improper performance of the duties referred to in paragraph. 1, the fund shall not be liable.
3. If the common company is not liable for damage by virtue of the mouth. 1, the damage shall be covered by the funds of the Guarantee Fund, unless the damage occurs solely from the fault of the injured party.
4. Paragraph Recipe 3 shall also apply in the event of a declaration of bankruptcy of the general company, if the damage, for which the company is liable, may not be covered by its mass bankruptcy.
4a The provisions of the paragraph. 3 and 4 shall not apply to the voluntary fund.
5. The association of the performance of certain duties to a third party does not limit the responsibility of the company.
Art. 48a. [ Entruning the duties to a third party] The entrusting by the fund or the company of certain obligations to a third party shall not exclude the liability of the company referred to in Article 62, 197, 198 and 204.
Article 49. [ Professional Secrecy] 1. The obligation of professional secrecy concerning the activities of the fund shall be:
1) the members of the statutory authority of the company;
2) persons remaining with the company in the employment relationship;
3) persons remaining with the company or fund in relation to the order or any other legal relationship of a similar nature;
(4) the staff of entities with a company or a fund in relation to the relationship referred to in point 3.
2. The professional secrecy, within the meaning of the mouth. 1, includes information related to the fund's deposits, the register of members of the fund, the regulations of the members of the fund in the event of death, and the statements referred to in art. 83, the disclosure of which would prejudice the interest of the members of the fund or the interest of the participants in trading on a regulated market within the meaning of the Act of 29 July 2005. marketing of financial instruments.
3. The provision of the paragraph. 1 shall not apply if the information covered by the obligation of professional secrecy is made available to the public prosecutor in connection with the suspicion of a criminal offence, the General Inspectorate of the Tax Inspectorate and the Director of the Tax Inspectorate Office, in the terms and conditions laid down in the separate provisions, or at the request of the prosecutor or the court or other competent State authorities, in connection with pending proceedings in matters relating to the activities of the Fund, the company or the depositary, including at the request of the supervisory authority, in connection with the exercise of the depositary's supervision of the activities of funds.
4. The provision of the paragraph. It shall also not apply where the information covered by the obligation of professional secrecy is available to the administrative enforcement authority and to the central liaison office referred to in Article 3. 9 of the Act of 11 October 2013. of mutual assistance in the investigation of taxes, customs duties and other monetary charges (Dz. U. Entry 1289 and 2015 items 211), as regards the data contained in the agreements referred to in art. 88a, and in the declarations referred to in art. 18 (1) 1 of the Act of 20 April 2004. about occupational pension schemes.
Article 50. [ Forbidden] 1. The Society shall not:
1) to acquire or to include shares, shares or other securities, investment fund shares or titles of shares issued by the institutions of mutual investment established abroad, or to participate in companies without legal personality;
2) (repealed)
3) provide loans, guarantees and guarantees, with the exception of loans from the establishment of a social benefit fund;
(4) the borrowing of loans and loans, including the issue of bonds, if the company's liability for this title exceeds a total of 20% of the equity value.
2. The provision of the paragraph. 1 point 1 shall not apply to:
1) securities issued by the State Treasury or the National Bank of Poland;
1a) bonds, bank securities or pledges, issued by Bank Gospodarstwa Krajowego;
2) shares or shares:
(a) in a company providing a register of members of the fund managed by the company concerned,
(b) in a company which accounts for transactions on the capital market in a non-dominating quantity within the meaning of the Law of 29 July 2005. public offering and conditions for the introduction of financial instruments to an organised trading system and on public companies (Dz. U. of 2013 r. items 1382, with late. zm.).
(c) (repealed)
3) (repealed)
4) (repealed)
Article 51. [ Society documents] 1. The Society shall store and archive documents and other carriers of the information of the fund it manages.
2. In the event of liquidation of the Fund, in the manner specified in Art. 71 (1) 1, documents and other media of the information referred to in paragraph 1. 1, store the liquidator of this fund, and in the event of liquidation of the employee's fund, in the manner specified in art. 75, documents and other media of the information referred to in paragraph 1. 1, stores the depositary. The obligation to store shall be for fifty years from the end of the liquidation of the fund.
3. Irrespective of the obligations set out in the paragraph. 2. The depositary shall keep and archive all documents and other media of information relating to the performance of the depositary's tasks, for fifty years from the termination of the liquidation of the Fund.
4. In the event of bankruptcy or liquidation of the depositary, for the storage of documents and other media of information, relating to the management of the fund or the performance of the depositary tasks, the provision of art shall apply. 476 § 3 of the Code of Commercial Companies. The competent court shall immediately inform the supervising authority of the designated conservative.
Article 52. [ Application of provisions of the Code of Commercial Companies] In matters not regulated in the Act, the provisions of the Code of Commercial Companies shall apply to the Company.
Chapter 4
Conditions for the taking up of the business of the pension company
Article 53. [ Permit] The establishment of the company requires authorisation of the supervisory authority.
Article 54. [ Proposal] 1. The permit shall be issued at the request of the founders of the company, to which shall be attached:
1) the statutes of the company;
2) the consent of the founders to be bound by the association and the wording of the statutes and on the embrace of shares by the founders;
(3) the rules of procedure of the association, specifying in particular the method of preventing the disclosure of information the use of which would affect the interests of members of the fund, or which, after such disclosure, could have an important effect on the price of the fund; financial instruments or related derivatives of financial instruments within the meaning of the Act of 29 July 2005. the trading of financial instruments;
4) the list of founders together with information on whether they are entities related and what is the nature of the existing links, as well as documents confirming their legal status and the origin of the cash earmarked for coverage the share capital of the company;
5) a list of the members of the statutory body of the company, with the exception of the persons referred to in art. 45, together with their statements of consent to perform functions in the authorities of the statutory societies and to meet all the requirements laid down in the Act, as well as the personal data of such persons and the description of their qualifications and their previous professional activities;
6) a certificate of impunity for members of the statutory bodies of the company, to the extent resulting from the art. 41 par. 1 point 2;
7) documents presenting the financial situation of all the shareholders of the company in the last 5 years preceding the date of submission of the application, including documents confirming the absence of tax arrears and the arrears of the premiums to which the Social Insurance Institution is compulsory;
8) the organisational and financial plan of the company's activities for 3 years.
2. With the application for permission to create the universal company of the founders may submit an application for the issue by the supervisory authority of the promoters of the permit to create an open fund, joining this conclusion:
1) draft statutes of the fund;
2) a draft agreement with the depositary;
3) personal data of the persons whom the company intends to recruit after the creation, having a significant impact on the financial economy of the fund;
4) a list of the persons to be designated by the depositary, directly responsible for the proper performance of the duties set out in the draft agreement;
5. information on the qualifications and professional experience of the persons referred to in points 3 and 4, with an indication of which of these persons are investment advisors.
Article 55. [ Decision] 1. The supervisory authority shall issue a decision on the authorisation within 3 months from the date of submission of the application.
2. Issue of the permit shall be equivalent to the approval by the supervisory authority of the association statutes.
Article 56. [ Approvals of the permits] (1) If, at the same time, an application for authorisation to create a universal company of the founders has submitted an application for authorisation by the supervisory authority to authorise the establishment of an open fund, and no grounds for refusal of approval, the authority shall adopt a proposal for authorisation to create an open fund. supervision issues a pro-service with the issuance of a permit for the creation of a universal company.
2. In the promos, the supervisory authority shall specify the period of its validity, which shall not be less than 6 months.
3. During the period of validity of the promos, the supervisory authority shall not refuse to grant an authorisation for the establishment of an open fund, unless there is a change in the content of the annexes referred to in Article. 14, in relation to the content of the annexes referred to in Article 14. 54 para. 1 point 1 and paragraph. 2.
4. The release of the promos of the permit for the creation of the fund may take place for the reasons referred to in art. 15 para. 2.
Article 57. [ Refused authorisation] The supervisory authority shall refuse to authorise the establishment of the company if:
1) the request and the documents attached to it do not meet the conditions laid down in the provisions of the law;
2. in the statutes of the company, the provisions which may endanger the security of the assets of the fund or otherwise violate the interest of the members of the fund;
3) the organization plan presented by the founders and the financial activity of the company for 3 years does not safeguard in due course the interests of the members of the fund;
4) the founders of the company and the members of the statutory bodies of the company do not give the warranty of conducting the affairs of the company in a manner which ensures due protection of the interests of the members of the fund;
5) from the documents presenting the financial position of the shareholders of the company for the last 5 years it follows that any of them have tax arrears or arrears on the premiums for which the Social Insurance Institution is required to collect;
6) the share capital of the universal company comes from a loan, a loan or is encumbered in any way.
Article 58. [ Permit to change] 1. The amendment of the statutes of the company, the depositary or the agreement with the depositary requires the permission of the supervisory authority. An application for the amendment of the association of association shall be accompanied by a resolution of the general meeting and, in the case of an increase in the share capital of the company, a proof of payment of the increased share capital. An agreement amending the contract with the depositary shall be attached to the application for authorisation to amend the contract with the depositary.
2. The supervisory authority shall refuse to issue an authorisation if the amendment to the statutes of the company, the depositary or the agreement with the depositary is contrary to the law or interest of the members of the fund.
3. Permit to amend the Statutes of the Society shall be tantamount to allowing the amendment of the statutes of the fund to the extent specified in Art. 13 (1) 2 points 2 and 4. The permission to change the contract with the depositary is equivalent to allowing the change of the fund's statutes to the extent specified in art. 13 (1) 2 point 5.
4. Change of the list of persons referred to in art. 14 para. Article 1 (5) requires the depositary to be informed by the depositary. Within a period of 14 days, the supervisory authority may refuse to authorise the amendment of that list, for the reasons set out in Article 4. 15 para. 2 point 3.
5. No refusal to allow consent to change the list within the period specified in the paragraph. 4 is synonymous with the adoption of list changes.
6. In the absence of any refusal to grant the consent referred to in paragraph. 5, the depositary shall immediately inform the fund of the amendment of the list.
Article 58a. [ Permit to create an employee of the company] 1. They shall immediately after the authorisation of the establishment of the working company of which the foreign employer is a shareholder, the supervisory authority shall:
1) notify the foreign supervisory authority and the European Insurance and Occupational Pensions Authority of the granting of this authorisation by including information on its content and the data identifying the company, the registered office and address of the foreign employer;
2) asks the foreign supervisory authority to provide information on the requirements of social security law and labour law on occupational pensions, according to which the employee management company manages the fund the pension scheme of the foreign employer.
2. The supervisory authority shall inform the employee of the company of the sending of the notification referred to in paragraph 1. 1 point 1.
3. The provisions of the paragraph. 1 and 2 shall apply mutatis mutandis in the case of the granting of an authorisation to amend the Staff Regulations of the Society resulting from the acquisition or taking up of shares by the foreign employer.
4. They shall immediately upon receipt of the information referred to in paragraph. In the form of letter 2, the supervisory authority shall transmit this information in the form of a letter to the employee of the company, the management of the staff of the fund, which intends to implement the pension scheme of the foreign employer. Upon receipt of this information, the company may start the implementation of the foreign employer's pension scheme.
5. In the event of failure by the employee to receive the information referred to in paragraph 1. 1 point 2, within 3 months from the date of the notification referred to in paragraph 1. 2, the employee company may start the implementation of the foreign employer's pension scheme after the expiry of this period.
Article 59. [ Permit to appoint members of the Management Board and the Supervisory Board] 1. The authorisation of the supervisory authority shall require the appointment of the members of the management board and of the supervisory board of the company, unless the appointment concerns persons who have performed functions in those bodies in the previous term of office.
(1a) The supervisory authority refuses to grant the authorisation referred to in paragraph 1. 1, if the persons presented do not meet the requirements laid down by the Act.
2. The provision of the paragraph. 1 shall not apply to the members of the supervisory board of the staff of the company elected by the members of the staff of the fund.
3. The supervisory authority shall withdraw the authorisation referred to in paragraph 1. 1, to persons who no longer meet the requirements set out:
1) in art. 41 par. 1 points 1, 2 or 5 for the members of the management board;
2. in Art. 44 par. 1 for the members of the board of directors of the company.
4. The supervisory authority shall revoke the approval of the members of the board of directors of the general public, including when they refuse to make a declaration of property referred to in Article 4. 41a, or if, despite a written request from the supervisory authority, they will not submit this statement within 30 days from the date of receipt of the call.
5. The provisions of the paragraph. 3 and 4 shall also apply to the members of the Executive Board and the Supervisory Board of the first term of office.
Article 60. [ Data Change] The Society shall be notified immediately to the supervisory authority of any change in the data set out in the Annex to the application for the establishment of the company referred to in Article 4. 54 para. 1 point 3.
Chapter 5
Acquisition of pension fund management, merger of pension societies and the liquidation of the pension fund
Article 61. [ Withdrawal of permit] In the event of a bankruptcy of the company or the opening of its liquidation, the supervisory authority shall issue a decision to revoke the authorisation of the establishment of the company.
Article 62. [ Decision to withdraw the authorisation] 1. The supervisory authority may issue a decision to withdraw the authorisation to create the company if it finds that the fund or the company grossly or persistently violates the provisions of the Act, the statutes of the fund or the company, or conducts the activity grossly in breach of the interest of members
2. Prior to the withdrawal of the authorisation, the supervisory authority may notify the company of any irregularities in the activity of the fund or of the company whose occurrence is conditional on the adoption of a decision to withdraw the authorisation. The supervisory authority in the notification shall indicate the time limit within which the company is to carry out its activities or the fund to the competent state. Where the irregularities were particularly blatant, the supervisory authority, regardless of the notification addressed, may also impose a cash penalty of up to PLN 500 000 per company.
3. The notification shall apply mutatis mutandis. 204b par. 1 and 2.
4. After the expiry of the period prescribed in the notification and non-product activity of the company or fund to the appropriate condition, the supervisory authority may withdraw the permission to create the company.
5. In the event that the supervisory authority fails to direct the notification referred to in paragraph 1, the notification referred to in paragraph 1 2, the supervisory authority, withdrawing the permission to create the company, may impose on the company a monetary penalty of up to PLN 500 000, if the irregularities, constituting the basis for the withdrawal of the permit, were particularly blatant.
Article 63. [ Date of entry into force of the decision] In the decision to withdraw the authorisation, the supervisory authority shall state the date of entry into force of that decision.
Article 64. [ Acquisition of management] 1. From the date of entry into force of the decision to withdraw the permit to form the company, the fund shall be represented and managed by the depositary. At that time, the fund cannot accept new members.
2. The depositary, with the approval of the supervisory authority, may entrust the management of the assets of the fund to the authorized body to the extent referred to in art. 69 par. 2 point 4 of the Act of 29 July 2005. the trading of financial instruments, if this is in line with the interests of the members of the fund.
3. The management of the fund's assets shall be subject to authorisation by the supervisory authority. The supervisory authority shall grant an authorisation if this is in accordance with the interests of the members of the fund and where the external entity provides a guarantee of the sound management of the assets of the fund As regards the management of the assets of the fund, the provisions of Article 4 shall apply mutatis mutandis to the external 204 par. 1 point 3, paragraph 1 2-9, art. Paragraph 204a (1) 1, 2 point 3, para. 3-8 and art. 204b.
4. The supervisory authority may withdraw the authorisation referred to in paragraph 4. 3 if the external entity violates the provisions of the law, the interest of the members of the fund or has lost the guarantee of the sound management of the assets
5. If within a period of 3 months from the date of entry into force of the decision to withdraw the permit management of an open fund will not be taken over by other common company, in accordance with art. 66 (1) 3, the acquisition of the management of this fund shall be carried out by the universal management company of an open fund which has reached the highest rate of return for the last 36 months referred to in Article 3 (1) of the Regulation. 172.
6. In the event of reaching the highest rate of return by more than one open fund, the management of the fund acquires this common company, which manages an open fund with the lowest value of net assets at the end of the month prior to the month in which the decision to withdraw the authorisation has entered into force, of those open funds.
7. The common company referred to in paragraph. 5 or 6, may submit a written statement of refusal to the supervisory authority to take over the management of an open fund, within 7 days from the expiry of the 3 month period referred to in paragraph 1. 5.
(8) The supervisory authority shall immediately inform in writing the common company that has reached the rate of return for the last 36 months above the weighted average rate of return referred to in Article. 173, the submission of the declaration referred to in paragraph. 7. Within seven days of the date of service of the information by the supervisory authority, the common company may submit to the supervisory authority a written declaration of intention to take over the management of the open fund. If a declaration is made more than one common company, the management takes over the common society, which manages an open fund with a higher rate of return. The provisions of the paragraph 6 shall apply mutatis mutandis.
9. If none of the common companies submit the declaration referred to in the paragraph. 8, the management of an open fund acquires the universal management company of the fund whose net assets had the highest value at the end of the month preceding the month in which the decision to withdraw the permit for universal creation the company has entered into force.
10. The management shall take place under the conditions laid down in the decision of the supervisory authority.
Article 65. [ Appeal of the decision] If the decision to withdraw the authorisation, issued by the supervisory authority for reasons other than those referred to in Article 61, will be appealed to the administrative court, the recognition of the complaint should take place within 2 months from the date of its lodging.
Article 66. [ Submission of management of the fund] 1. A common company which intends to give up its activities, may, on the basis of a contract concluded with another common company, communicate to that company the management of an open fund which it manages.
1a. The agreement referred to in paragraph 1. 1, it shall take effect on the entry into force of the amendment of the statutes of the open fund, the management of which shall be taken over, to the extent specified in art. 13 (1) 2 points 2 to 4.
1b. Within one month from the date of entry into force of the amendment of the statutes of an open fund, the management of which shall be taken over, to the extent specified in art. 13 (1) 2 points 2 to 4, there should be an opening of the winding-up of the general company which intends to give up on the activities of the existing company.
2. The universal recipient of the management of an open fund shall enter into the rights and obligations of the universal management company so far with the fund. The provisions of the agreement excluding certain obligations shall not be effective in respect of third parties.
3. Except in the case referred to in paragraph. 1 takeover by the fund management company is possible only in the case of the withdrawal by the supervisory authority of the authorisation of the creation of the management company of this fund, subject to art. 67.
4. The management of the fund may only be carried out by the management company of the same type of fund.
(5) The supervisory authority shall determine the expiry of the decision authorising the establishment of the company if, within the period referred to in paragraph 1, the decision authorising the establishment of a company 1b, there will be no opening up of its liquidation.
6. The provisions of the paragraph. 1, 1a and 2-4 shall apply mutatis mutandis in the case of a transfer by the universal management company of a voluntary fund.
Article 67. [ Joining the company] 1. The Society can connect with another company.
2. Article Recipe 66 (1) 4 shall apply mutatis mutandis.
Article 68. [ Authorisation of the supervisory authority] 1. The acquisition of fund management in the cases referred to in art. 66, and the combination of the company requires the authorisation of the supervisory authority.
2. The application for authorisation shall be accompanied by the recipient of the management of the fund and, in the case of a combination of the company, each of the merging companies, subject to the paragraph. 4.
3. The applicant shall be accompanied by the application for authorisation:
1) in the case of the acquisition of the fund management:
(a) a management takeover agreement,
(b) the resolutions of the competent authorities which are parties to the management agreement, where the obligation to take such a decision is due to the statutes of those societies,
(c) a resolution to amend the statutes of the fund to which the management will be assumed,
(d) the organisational and financial plan of the company receiving the management of the fund for a period of 3 years,
(e) documents presenting the financial situation of the shareholders of the company receiving the management of the fund in the last 5 years preceding the date of the application, including documents confirming the absence of tax arrears and the arrears of the the title of the contributions to which the Social Insurance Institution is compulsory,
(f) a statement on the origin of the cash earmarked for the management of the fund;
2) in the case of mergers of the company:
(a) resolutions of the general meetings of the association with the association,
(b) the contract of association of the company,
(c) the modified organisational and financial plan,
(d) the modified organisational rules,
(e) information on capital ties between shareholders,
(f) draft statutes of the fund and the association after the merger of the company
(g) documents showing the financial situation of the shareholders of the receiving company in the last 5 years preceding the date of application, including supporting documents showing the absence of tax arrears and of the arrears of premiums, for collection of which is a compulsory Social Insurance Institution,
(h) a statement on the origin of the cash earmarked for the subsidy to the shares of the acquiring company, as provided for in the association of the association.
4. In the case of a combination of the company, in the mode specified in Art. 492 § 1 point 2 of the Commercial Companies Code, the application is submitted by the shareholders of the merging companies. Article Recipe 54 para. 1 shall apply mutatis mutandis. Authorisation for the establishment of a supervisory authority shall issue, together with the authorisation of the association of the company.
5. Permit to take over the management of the fund or the combination of the company is equivalent to the permit to amend the statute of the acquired fund, to the extent specified in art. 13 (1) 2 points 2 to 4. The supervisory authority may, on its own initiative, allow the entry into force of that amendment to be reduced.
(6) If the combination of the company is connected with the need to increase the share capital of the receiving other company following the merger, together with the application for authorisation for the combination of the company, the acquiring company submits an application for authorisation to amend the Statutes of the Society and of the Fund's Articles of Association, to the extent resulting from the increase in share capital. The authorisation to amend the Statutes of the Society and the Statutes of the Fund shall be issued with the authorisation of the association of the company.
7. The supervisory authority in the authorisation shall specify the specific conditions for the acquisition of the management of the fund or the combination of the company and shall indicate the start and end dates of the winding-up
(8) The supervisory authority shall refuse to grant an authorisation if:
1) the application and attached documents do not meet the conditions set out in the Act;
2) from the documents attached to the application or other information it follows that the company acquiring the management of the fund or any of the shareholders of this company or any of the merging companies or any of the shareholders of those companies the company in the last 5 years preceding the day of submission of the application has a tax arrears or arrears on the contributions to which the Social Insurance Institution is compulsory;
3. the aid to the shares of the acquiring company, provided for in the association of the association, come from the loan, the loan or are debited in any way;
4) cash intended to take over the management of the fund come from a loan, credit or are debited in any way;
5. the applicants ' activity so far does not give a guarantee of carrying out the activities of the fund or company in a manner consistent with the interests of the members of the fund;
6. the issue of an authorisation shall be contrary to the interests of the members of the pension funds or of any other public good.
Article 69. [ Liquidation of the Fund] 1. On the basis of the permission of the supervisory authority to take over the management of the fund or the combination of the company is followed by the liquidation of the fund, the management of which was taken over by another company or which was managed by the company taken over as a result of the merger or, if the combination of the company is carried out in the manner laid down in Article 492 § 1 point 2 of the Code of Commercial Companies, which has been indicated in the application for the issue of consent to the combination of company in accordance with the paragraph. 5.
2. (repealed)
3. The approval authority shall immediately inform the court of registration, including a copy of the permit, of the authorisation. The Tribunal shall, ex officio, enter the date of the liquidation and the liquidator in the funds register.
4. The fund manager is the company that has taken over the management of this fund.
5. If the combination of the company is carried out in the manner prescribed by art. 492 § 1 point 2 of the Commercial Companies Code, the application for authorisation to the merger of the company should indicate a liquidation fund.
(6) From the date of the transfer of the management of the fund by another company, the decommissioning fund may not conclude contracts with the new members.
Article 70. [ Log Announcement] 1. The content of the authorisation of the supervisory authority to take over the management of an open fund or a combination of the public open fund shall be published promptly in the national gazette for the purpose of the fund's announcements and on the public website. Internet.
2. (repealed)
3. In the case of a staff member, information on the content indicated in the paragraph. 1 shall be given immediately, in the manner laid down in the statutes, to the shareholders of the staff of the staff of the company managing the fund.
3a. In the case of a voluntary fund, information on the content indicated in the paragraph. The members of the fund shall be notified immediately, as specified in the statutes, to the members of the fund.
4. The content of the notice referred to in paragraph. 1, or the content of the information referred to in paragraph. 3 and 3a, the fund shall immediately inform the supervisory authority.
5. If an open fund fails to comply with the obligation referred to in paragraph 1. 1, the supervisory authority shall make a notice at the expense of the liquidator.
Article 71. [ Liquidation of the Fund] 1. The liquidation of the fund shall take place by transfer of its assets to a fund managed by the company that has taken over the management of this fund, or which has taken over the company managing this fund as a result of the merger, and if the merger the company shall be carried out in the manner prescribed by the Article. 492 § 1 point 2 of the Commercial Companies Code-to the fund of independent liquidation as a result of the merger of the company, subject to the paragraph. 3.
2. The transfer of assets shall take place on the date indicated in the permit to take over the management of the fund or the combination of the company, falling not later than within 6 months from the date of issue by the supervisory authority of such permit. The day indicated in the authorisation shall be the date on which the winding-up of the fund within the 68 par. 7.
3. They shall immediately after the notification of the surveillance authority referred to in Article 3. 70 par. 4, the liquidated fund shall be obliged to terminate the contract with the depositary holding its assets and shall be entitled to terminate contracts with all other entities acting on its behalf or to change the terms of those contracts in a manner that is ensuring compliance with the provisions of the Statute of the acquiring fund, with the date of termination of the liquidation Any provision of these agreements, limiting or excluding the possibility of termination of the agreement in this way, shall be deemed to be invalid.
4. During the period referred to in paragraph. 2, the winding-up fund and the acquiring fund are obliged to complete the tasks necessary to connect the register of members of the fund subject to liquidation with the register of the members of the acquiring fund at the date of termination of the liquidation.
5. The date of termination of the liquidation of the fund
1) the transfer of its assets to the acquiring fund shall be deemed to have been made;
2. the transferee fund shall convert the settlement units existing in the funds assumed to the settlement units existing in the acquiring fund;
3. members of the acquired fund shall become members of the acquiring fund under the conditions laid down in the statutes of the acquiring fund;
4. the acquiring fund shall enter into all the rights and obligations of the acquired fund.
6. At the end of the liquidation of the fund, the Social Insurance Institution shall make changes to the Central Register of Members of the Open Pension Funds in the area resulting from the paragraph. 5 point 3.
7. The issue of the assets of the fund taken over to the depositary holding the assets of the acquiring fund shall be subject to the conduct of the rules laid down in Art. 163.
8. If the register of members of the acquired fund was carried out by a third party, the issue of documents and other media information related to this register to the acquiring fund or the entity conducting the register of its members shall take place in a manner ensuring the uninterrupted performance of the register of members of the fund and within a period agreed without undue delay by the parties.
Article 72. [ Strikethrough from the register] As soon as the winding-up of the fund is completed, the liquidator shall submit a detailed report to the supervisory authority on the activities referred to in Article 4. 71 (1) 3 and 4, para. 5 points 2 and paragraph 5 7 and 8, and also submit a request to the registry court to delete this fund from the fund register.
Article 73. [ Liquidation of the fund's employee] The abolition of a staff member fund, the management of which has not been taken over by other workers in the company, shall be subject to the provisions of Article 4 (1) of 74-78.
Article 74. [ Decision of the supervisory authority] 1. The liquidation of the staff of the fund shall take place on the basis of a decision of the Supervisory Authority on liquidation. The supervisory authority shall issue a decision to liquidate ex officio.
2. The decision of the supervisory authority shall specify the date of commenction and termination of the
3. Rules of Art. 69 par. 3 and Art. 70 par. 3 and 4 shall apply mutatis mutandis.
4. The employee of the fund shall be the depositary, unless the supervisory authority has designated a different liquidator.
5. The supervisory authority shall inform the European Insurance and Occupational Pensions Authority of the decision to liquidate the staff of the Fund.
Article 75. [ Liquidation rules] The liquidation of the fund shall consist in the disposal of its assets, the collection of the fund's assets, the settling of the fund's creditors, and the allocation of funds collected in the accounts of the members of the fund in accordance with their disposition.
Article 76. [ Disposal of the fund's workforce] 1. In the event of liquidation of the employee of the fund, the funds collected in the accounts of its members shall be disposed of in accordance with the provisions of the Act on occupational pension schemes.
2. Where the shareholder of the employee of the company is a foreign employer, the funds collected on the accounts of the members of the fund, who are employees of that employer, shall be after obtaining the permission of the supervisory authority paid to the member or to be transferred to another management board, under the conditions laid down by the social security rules and the labour law applicable to occupational pensions in force in the country where the foreign employer is established. Before a decision is taken, the supervisory authority shall be required to consult the foreign supervisory authority responsible for the head office of the foreign employer.
3. The application for authorisation referred to in paragraph 1. 2, he consists of a foreign employer.
4. If a member of the Fund has no disposal as to how the funds are used, the use shall be made in the form of a one-off payment.
5. Measures not disposed of in accordance with paragraph 5. 1 and 2 shall be submitted to a court deposit.
Article 77. [ Termination of liquidation] Completion of the activities referred to in Article 75, the liquidator shall immediately inform the supervisory authority, while submitting a request to the registry court to delete the liquidated fund from the fund register.
Article 78. [ Delegation] The Council of Ministers shall determine, by means of a regulation, a detailed procedure for the liquidation of the staff of funds in the case referred to in Article 4. 73, and in particular the manner and timing of the submission by members of the disposal fund concerning the use of the funds collected in their accounts.
Chapter 6
(repealed)
Article 79. (repealed)
Article 80. (repealed)
Chapter 7
Membership of the pension fund
Article 81. [ Obtaining membership] 1. Obtaining membership of an open fund, subject to the paragraph. 5 and 6 shall take place upon conclusion of an agreement with the fund if:
1) on the date of conclusion of the first contract with an open fund, the person joining the open fund shall be subject or subject to, within 4 months prior to the date of conclusion of the contract, the pension insurance within the meaning of the provisions on the social security system;
2) The Social Insurance Institution will make an appropriate entry or changes in the Central Register of Members of Open Pension Funds, referred to in the provisions on the social security system.
1a. An agreement with an open fund may be concluded only in correspondence mode.
2. An open fund shall not refuse to conclude an agreement, provided that the person applying for admission to the fund meets the conditions laid down in the provisions on the social security system.
3. A contract for which any of the conditions listed in the paragraph have not been met. 1, shall have no legal effect, subject to paragraph. 4. The Social Insurance Institution shall have an obligation, within 30 working days, to inform an open fund, whether the person who entered into an agreement with the fund meets the conditions set out in the paragraph. 1.
4. If a person who has entered into an agreement with an open fund considered to be an unenforceable, despite the existence on the date of conclusion of the contract of actual and legal basis to meet the conditions set out in the paragraph, 1, then it becomes a membership in an open fund, then the Social Insurance Institution is obliged to transfer to this fund the contributions due for the period of the pension insurance.
5. You may be a member of only one open fund. In the event of a change in the fund, membership of the new fund shall be made from the date of the changes to the Central Register of Members of the Open Pension Funds.
6. Obtaining membership of an open fund shall also be carried out:
1) (repealed)
2) as a result of opening an account in an open fund on the basis of art. 128 (1) 1.
7. (repealed)
8. (repealed)
9. (repealed)
10. Membership in the open fund shall cease from the date of deletion of a member of the fund by the Social Insurance Institution from the Central Register of Members of the Open Pension Funds in connection with the transfer of all funds collected in the member's account an open fund for the FUS pension fund.
Article 81a. (repealed)
Article 82. [ Recording in case of death] 1. In conclusion of an agreement with an open fund, the person applying for admission to the fund may indicate by name one or more of the natural persons to whom the benefit is to take place after her death, payment of funds not used in accordance with art. 131.
1a. The law referred to in paragraph 1. 1, a member of an open fund shall also be entitled.
2. If a member has indicated several persons entitled to receive the funds after his death, and has not marked their participation in those measures, the shares of those persons shall be considered equal.
3. A member of an open fund may at any time change the previous disposition, indicating the other natural persons entitled to receive the funds after his death instead of or in addition to the persons referred to in the mouth. 1, as well as otherwise denoting the participation of the indicated persons in these measures, or cancelling the previous disposition, without indicating any other persons.
4. Indication of the person entitled to receive the funds after the death of a member becomes ineffective if the person has died before the death of the member. In such a case, the share which was intended for the deceased shall be in equal parts to the other persons indicated, unless the member is in any other way of taking such participation.
5. The Fund shall be obliged to inform the person acceding to the open fund of the consequences of the non-dispatch of the disposal referred to in paragraph. 1.
Article 82a. [ Statement of information on the current information on open funds] When concluding an agreement with an open fund, the person requesting admission to the open fund shall submit a written declaration of the content of the current information on open funds.
Article 83. [ Statement of property relations] 1. In addition to an agreement with an open fund, the person applying for admission to the fund shall also be obliged to make a written statement about the property relations existing between her and her spouse, and if there is no between the spouses legal partnership-also to document the way in which these relations are settled. The above obligation is also on the part of an open fund which has entered into a marriage after the conclusion of a contract with the fund.
2. A member of an open fund shall be obliged to notify the fund of any change in relation to the content of the statement referred to in paragraph. 1, if such a change includes the funds collected on its account. The notice of amendment of the content of the statement shall be made in writing and, at the request of the member of the open fund, may be made by means of electronic communication. Proof of such change shall be provided at the request of the Fund.
3. In the event of failure to comply with the obligation referred to in paragraph. 1 second sentence or paragraph 2, it shall be accepted that there is a statutory partnership between the spouses or that the matrimonial property relationship is regulated in accordance with the content of the contract concluded with the open fund or the last notice by the open member fund in accordance with paragraph 2.
4. An open fund shall not be liable for any damage resulting from the failure to comply with the obligation laid down in paragraph 4. 1 or 2.
Article 84. [ Accession to another open fund] If a member of an open fund joins another open fund, the fund shall be notified in writing to the existing open fund of the conclusion of the contract with that member. The agreement with the existing fund shall be terminated as of the date of the amendment to the Central Register of Members of the Open Pension Funds.
Art. 84a. [ Informing] 1. Persons born in the years 1949-1953 containing an agreement with an open fund, shall be obliged to submit a written statement about the reading of the art. 24, 26, 46-50, 53, 183, 184 and 185 of the Act of 17 December 1998. about pensioners and pensions from the Social Insurance Fund, which the person containing the contract should confirm with his/her own signature.
2. (repealed)
Article 85. [ Delegation] The Council of Ministers shall determine by way of regulation:
1) the manner and mode of conclusion of the contract, on the basis of which the membership of the open fund is obtained;
2) the manner and the time limit for submitting a declaration of matrimonial property relationships of a member of the open fund and notifying an open fund of any change in relation to the content of such statement involving funds collected on the account a member;
2a) the manner and timing of the declaration referred to in art. 82a;
(3) the manner and timing of the notification referred to in Article 3. 84;
4) the mode and dates of notification of the Social Insurance Institution by an open fund of the conclusion of a contract with a member of the fund and the scope of the data that should be included in the notification;
4a) the model of the information referred to in Article 4 (a). 82a;
5. the model of the notification referred to in Article 84;
6) detailed rules for withdrawing by the open fund of the notification of the conclusion of a contract with a member and the deletion of an entry in the Central Register of Members of Open Pension Funds by the Social Insurance Institution;
(7) a detailed method for determining and accounting for the reimbursement of the amount unduly received, referred to in Article 3 (1) (a) of the EC 100a.
Article 85a. [ Protection of interests of open fund members] The Council of Ministers, by issuing the regulation referred to in art. 85, taking into account the need to ensure the protection of the interests of the members of the open fund and of the regularity and reliability of the information provided.
Article 86. [ Member of the Fund for the Fund] 1. A member of the staff of the fund may be a natural person fulfilling the conditions laid down in the Act on occupational pension schemes for a participant in the occupational pension scheme, or a natural person who is a participant in the scheme a pension of a foreign employer.
2. A person who no longer fulfils the conditions referred to in the paragraph. 1, retains the status of a member of the fund.
Article 87. [ Occupational Retirement Contract] The acquisition of membership of a staff member of the Fund shall be subject to the conditions laid down in the Act of 20 April 2004. about occupational pension schemes.
Article 88. [ Resignation of membership] A member may waive the membership of an employee of the fund by means of termination of the occupational pension contract, under the conditions laid down in the Act on occupational retirement provision.
Art. 88a. [ Obtaining membership in a voluntary fund] The acquisition of membership in a voluntary fund takes place upon conclusion of an IKE or IKZE agreement with the fund.
Article 89. [ Member Registry] 1. The Fund shall keep a register of members of the fund containing basic personal data of members, data on contributions of contributions to the fund and received transfer payments, and conversions of these contributions and transfer payments to settlement units, data on the current state of the funds in the accounts, taking into account the funds paid for the periodic pension, and in the employee funds, also the current stock of the shares in the quantitative accounts.
2. The basic personal data of the members referred to in the paragraph. 1, include:
1. forenames and surname;
2) date of birth;
3) the PESEL number, and in the case where a member of the fund has not been given the PESEL number-in place of the PESEL number the series and the number of the ID card or passport;
4) address of the place of residence.
3. Keeping the register of members of the fund may be entrusted to a third party, subject to the provisions of Art. 49.
4. The Council of Ministers shall determine by way of regulation, detailed rules for keeping the register of members of the fund, including the detailed scope of the information that should be included in the register, as well as rules for the preparation and storage of copies of the data contained in in the register in case of loss of it.
Article 90. [ Jurisdiction] 1. In cases of legal relations claims between members of open funds and those funds or their bodies shall be ordered by the social security courts competent for the place of residence of the member of the fund.
2. To the proceedings in the cases referred to in the paragraph. 1, the provisions of the Code of Civil Procedure on proceedings in matters of labour law and social security, with the exception of art, shall apply accordingly. 460 § 1, art. 461 § 1 and 2, art. 463 § 1 1 and 3 [ 3] , art. 467 § 4, art. 476 § 1-2 and 4-5, art. 477 1 § 1 1 -2 [ 4] , art. 477 2 , art. 477 6 , art. 477 9 -477 14a .
Article 91. [ Local Property] In cases of legal relations between members of the staff of the Funds and those funds or their bodies, the common courts of law shall be held by the common courts for the place of residence of the member of the fund.
Chapter 8
Prohibition of activities of open pension funds
Article 92. [ Prohibition of acquisition activities] 1. It shall be prohibited to carry out activities for the benefit of an open fund consisting in activities aimed at inducing anyone to join an open fund or to remain a member of that fund, in particular offering additional material benefits arising from the membership of an open fund or the use of an overarching relationship resulting from a work relationship or other legal relationship on which a business relationship or another relationship of similar nature is based the nature of the action, if the purpose of such action would be to induge anyone, to join the fund or to remain a member of the fund.
2. Paragraph Recipe 1 shall apply mutatis mutandis to activities other than those referred to in that provision, where, within the framework of that provision, additional material advantages are offered in return for accession to a specific open fund or to remain a member thereof.
Article 93. (repealed)
Art. 93a. (repealed)
Article 94. (repealed)
Chapter 9
Accounts and conversion of premiums
Article 95. [ Contributions] Contributions shall be paid into accounts held by open funds, in the amount and on the basis of separate statutes, or on accounts held by the employees ' funds, in the amount and with the frequency determined on the basis of the rules referred to in the the law on occupational retirement provision.
Article 96. [ Contributions to the staff of the Fund] 1. The contributions to the staff of the fund shall be paid on behalf of the members of the staff who are members of that fund.
2. The payment of the contributions referred to in paragraph 2. 1, the employer shall, on behalf of the employees, be the employer who is the shareholder of the employee of the company.
3. The contribution to the staff of the fund may also be paid as a result of the transfer payment referred to in the Act on occupational pension schemes.
4. The foreign employer shall be obliged to regularly pay the contributions of foreign workers referred to in art. 2. 4.
Art. 96a. [ Contributions to the Segregated Account by the Voluntary Fund] 1. The contributions to the extracted account carried out by a voluntary fund shall be paid by a member of the voluntary fund.
2. The contribution to the extracted account carried out by the voluntary fund may be paid as a result of the transfer payment of funds collected on IKE and IKZE, as referred to in the Act of 20 April 2004. with individual pension accounts and individual pension insurance accounts.
Article 97. [ Securities in the form of securities and shares] 1. The contributions to open funds and employees of funds may be made in the form of securities, on the basis specified in separate laws.
2. The contributions to the employee funds may be made in the form of shares referred to in art. 101, in accordance with the principles set out in Chapter 10.
Article 98. [ Opening of account] Once a member has joined the fund, the fund shall open an account for the fund for which the contributions are paid and the transfer payments to be transferred.
Article 99. [ Settlement units] 1. The contributions paid into the fund and the transfer payments received shall be converted into the settlement units, with the exception of the contributions of foreign workers referred to in art. 2. 4, transferred to the insurance undertaking for life.
2. (repealed)
3. The total value of the settlement units is always equal to the total value of the net assets of the fund converted into these units.
4. The contributions and transfers received may also be converted into fractional parts of the settlement unit, and the value of funds in the member's account may be expressed in such fractional parts.
5. The value of the net assets of the fund and the value of the settlement unit shall be determined in accordance with the principles of valuation of assets and liabilities of funds.
6. The Council of Ministers shall determine, by way of regulation, detailed rules for the valuation of assets and liabilities of funds.
Article 100. [ Countdown of contributions] 1. The countdown to the settlement units of the contributions paid and the transfer payments received shall take place in accordance with the provisions of paragraph 1. 2 days, hereinafter referred to as the "day of conversion", according to the value of the settlement units for that day.
(1a) The value of the settlement unit at the date of conversion shall be determined by dividing the value of the net assets of the fund on the day of the conversion by the number of settlement units recorded on that date on accounts kept by the fund.
2. In the case of employees of funds the day of conversion shall be the last working day of the month, unless the fund shall specify in the statute also other days of conversion. In the case of open funds and voluntary funds the day of reckoning shall be every working day.
3. On the first day of the conversion, following the payment of the first contribution to the fund, the value of the settlement unit is 10 PLN.
4. Until the conversion of contributions and transfer payments, they shall be stored in a separate financial account of the fund. The interest payable on the holding of funds in that account shall be the revenue of the Fund.
5. Accounting of securities referred to in art. 97 ust. 1, the settlement units shall be carried out on the basis specified in separate statutes.
6. (repealed)
Art. 100a. [ Reimbursement of contributions] 1. The open fund shall be obliged to return to the Social Insurance Institution unduly received contribution.
1a. The amount of the contribution referred to in paragraph 1. 1, it shall be determined by remission of the settlement units obtained for an unduly received premium and the unpaid interest provided by the social security system.
1b. In the event of a transfer payment, in accordance with art. 119, 126 or 131, the amount of the contribution referred to in paragraph 1. 1, shall be determined by remission of the clearing units corresponding to the amount obtained from the redemption of the settlement units corresponding to the amount of the unduly received premium from the open fund which made the transfer payment.
2. (repealed)
3. Open fund returns the amount of contribution:
1. determined in accordance with the paragraph. 1a, increased by the nominal value of the levy referred to in Article 134 (1) 1, taken by the management company of an open fund, or
2. determined in accordance with the paragraph. 1b.
3a. In the event of payment of the transfer, an open fund, to which the unduly received contribution was paid by the Social Insurance Institution, shall refund the collected fee referred to in Art. 134 (1) 1.
4. If the transfer to an open fund of an undue payment has been made for reasons attributable to the management company of that fund, the sum of the amounts referred to in paragraph 2 shall be the sum of the amounts referred to in paragraph 4. 3 and 3a shall not be lower than the nominal value of the unduly received premium, plus interest laid down by the social security scheme.
5. The amount representing the equivalent of the fees referred to in paragraph. 3 and 3a, and the difference between an unduly received premium, plus interest laid down by the provisions on the social security scheme, and the sum of the amounts referred to in paragraph 1. 3 and 3a, funds the company managing an open fund.
6. (repealed)
7. If the reimbursement of an undue contribution occurs as a result of the nullity of the contract with an open fund, and the open fund has made the transfer payment in accordance with Art. 119, 126 or 131, the management company of that fund shall finance an amount equivalent to the difference between the amount determined, in accordance with paragraph 1. 4, until the date of the transfer payment, and the amount transferred in the transfer payment.
7a. If the return of an unduly received contribution occurs in the situation of cancellation of the contract or a change from office by the Social Insurance Institution of the incorrect entry in the Central Register of Members of Open Pension Funds, the entire amount received in the result of the transfer payment is treated as a single contribution.
8. If the person for whom the undue contribution has been transferred is a member of another open fund, the amount determined in accordance with the paragraph. 3-4 is transferred by the Social Insurance Institution to this fund.
9. The amount referred to in paragraph. 8, may not be lower than the nominal value of the premium due plus interest laid down by the social security scheme.
10. The Hundreds referred to in paragraph. 4, shall be charged for the period from the day on which the Social Insurance Institution's bank account is debited with the amount unduly received until the date of its reimbursement.
11. The reimbursement of the unduly received contribution shall be made by deductions from contributions passed by the Social Insurance Institution to the open fund.
12. If the Social Insurance Institution has transferred the contribution referred to in paragraph. 1, with interest for late payment, the percentage shall apply mutatis mutandis. 1-11 concerning the contribution.
Article 100b. (repealed)
Art. 100c. [ Information on the obligation to transfer funds collected in the account, remission of units] 1. The Social Insurance Institution shall inform an open fund of the obligation to transfer funds collected in the account of a member of an open fund to the FUS pension fund in connection with the achievement of the insured person's lower age of 10 years from the age the pension referred to in Article 24 of the Act of 17 December 1998. about pensioners and pensions from the Social Insurance Fund.
2. Each month of redemption shall be subject to the number of settlement units which are the quantity of the number of settlement units collected in the account of a member of the open fund and expressed in months of difference between the retirement age referred to in art. 24 of the Act of 17 December 1998. about pensioners and pensions from the Social Insurance Fund, and the age of a member of the open fund on the day of making the redemption.
3. The Council of Ministers shall determine, by means of regulations, terms, means and mode:
1) information by the Social Insurance Institution of an open fund of the obligation to transfer funds collected in the account of a member of an open fund to the FUS pension fund in connection with the completion of the insured age of a lower age of 10 years from the retirement age referred to in art. 24 of the Act of 17 December 1998. about pensions from the Social Insurance Fund,
2. the death referred to in paragraph 1. 2, to inform the Social Insurance Institution through an open pension fund of the periods for which settlement units have been waived, and to make the settlement between the Social Insurance Company and an open fund under the obligation to a transfer of funds collected in the account of a member of an open fund to the FUS pension fund in connection with the completion of the insured person's lower age of 10 years from the retirement age referred to in art. 24 of the Act of 17 December 1998. about pensions from the Social Insurance Fund, in such a way that in the month in which the insured will complete the retirement age referred to in art. 24 of the Act of 17 December 1998. with pensions from the Social Insurance Fund, there has been a waiver of all settlement units remaining on the insured account
-taking into account the need to ensure the protection of the interests of the insured persons and the regularity of the transfer of funds.
Art. 100d. [ Application for a partial pension] 1. In the case of submission by a member of the open fund of an application for the grant of a partial pension referred to in art. 26b of the Act of 17 December 1998. about pensions from the Social Insurance Fund, after having established that the insured fulfils the conditions for granting that pension, the Social Insurance Institution shall notify the open fund of the application and of the obligation to transfer all the funds accumulated on an account in an open fund for the FUS pension fund.
2. An open fund shall decommit the clearing units remaining in the account of a member of the open fund after obtaining the information referred to in the paragraph. 1.
Art. 100e. [ The ban on executions against the fund] The funds collected in the fund may not be the subject of enforcement directed against the fund.
Chapter 10
Quantitative accounts
Article 101. [ Actions] 1. The shares obtained by members of the fund's employees, free of charge or on preferential terms, following the privatisation of the employer shall be submitted in quantitative accounts conducted by the employee funds on the basis specified in the law about occupational pension schemes.
2. A staff fund may entrust the holding of quantitative accounts to an entity entitled to hold securities accounts.
3. In one quantitative account, shares of more than one issuer may not be submitted.
4. Shares submitted in quantitative accounts shall be quantified.
5. The members of the staff of the fund shall not dispose of shares in quantitative accounts or the right to dividends from these shares.
6. A member of the staff member of the staff member's fund shall be allowed to collect the shares of the new issue, taking into account the Article. 105.
Article 102. [ Schedule for the liquidation of quantitative accounts] 1. The staff fund shall liquidate the quantitative accounts of the members and transfer the shares deposited in those accounts to the assets of the fund on the basis of a timetable for the liquidation of the quantitative accounts established by the employees of the company, by way of a resolution of the Board supervisor, and shall be notified to the supervisory authority no later than 3 months before the start of the liquidation of those accounts.
2. The schedule referred to in paragraph. 1, should specify:
1) the dates of transfer of shares to the assets of the fund
2) the rules for determining the amount of shares submitted in the quantitative accounts by the individual members which are transferred to the assets of the fund, including shares submitted by the persons, which will accede to the fund after the announcement of the schedule;
3) the amount of shares submitted in the quantitative accounts by the individual members which are transferred to the assets of the fund on individual dates.
3. For those acceding to the employee of the fund, after the announcement of the schedule, the time limits for the transfer of shares to the assets of the fund shall be determined individually
4. The transfer of shares to the assets of the fund may take place only on the days of the conversion.
(5) On the date of transfer of shares, members of the fund shall include, as the case may be, the accounts of the settlement unit with a value corresponding to the value of the shares transferred from their quantitative accounts, less the amount of tax due. The determination of the value of the shares shall be based on the principles for the valuation of
6. Liquidation of the quantitative accounts on which the shares of a given issuer has been submitted shall begin no later than 3 years from the date of the deposit of the first shares of that issuer in the quantitative account and shall not last longer than 10 years from the date of the to transfer the first share from the quantitative account to the assets of the fund.
7. If it is found that the implementation of the schedule may be carried out or is proceeding in violation of the law or the interests of the members of the fund's employees, the supervisory authority may suspend the implementation of this schedule and call upon the employee fund to the deletion of the irregularities found.
(8) For the transfer of shares of public companies, submitted in quantitative accounts, the provisions of Article 1 (1) shall not apply to the assets of the staff of the fund. 38 par. 3 and 4 of the Act of 30 August 1996. o commercialisation and privatisation (Dz. U. of 2015 items 747 and 978).
Article 103. [ Payment of appropriations] 1. If a member asks for the payment, transfer payment or refund of funds collected on his account in the employee of the fund, the quantitative account of that member should be liquidated immediately, and the shares not transferred so far to the assets of the fund-issued to a member, subject to the paragraph. 2.
2. If the employee fund makes payment of funds collected in the account of a member of the fund in the form of payment carried out in instalments, the quantitative account of the member of the fund shall be liquidated upon payment of the last instalment, and the shares deposited on it are issued to a member of the fund.
3. In the event of the death of a member of a fund holding a quantitative account or dissolution by divorce or cancellation of his marriage, the shares held in the quantitative account shall be issued to the person entitled. Article Recipe 130 and 133 shall apply mutatis mutandis.
4. The provisions of the paragraph. 3 shall apply mutatis mutandis in the event of the cessation of property of a member of the staff member of the fund or of the contractual exemption or limitation of the statutory partnership between a member of that fund and his or her spouse.
Article 104. [ Dividend] Dividend paid out of shares deposited in the quantitative account and the price obtained from the disposal by the employee fund, on behalf of the member of the fund, the right to collect the shares of the new issue shall be transferred to the account of the member of the fund, carried out in units settlement.
Article 105. [ Delegation] The Council of Ministers shall lay down, by means of a regulation, detailed rules for the conduct and settlement of the disposal of transactions by an employee fund, on behalf of the members of the fund, on the rights of collection of shares submitted in quantitative accounts, and also the specific terms and conditions in which the implementation of these rights by the members of the Fund is acceptable.
Article 106. [ Representative] 1. If the total amount of shares of the same issuer, deposited in all the quantitative accounts in one employee of the fund, exceeds 1% of the total volume of shares of that issuer, the rights connected with the ownership of those shares, except for property rights, they shall be executed by a representative of the members of the fund holding shares in the quantitative accounts, hereinafter referred to as the representative.
2. The representative shall be elected for three years in a secret ballot by members of the fund holding the shares of the issuer in question on quantitative accounts.
3. The selection mode of the representative shall be determined by the rules of procedure adopted by the supervisory board of the staff member. The Rules of Procedure shall specify, in particular, whether the members themselves, or the representatives elected by them, are to participate in the elections and the rules for the removal of the representative before the expiry of the period for which he is elected. The Rules of Procedure shall not make the choice of a representative dependent on the number of persons participating in the elections.
4. Article Recipe 45 par. 4 shall apply mutatis mutandis.
Chapter 10a
The life insurance undertaking to which the employee fund transfers the contributions of foreign workers
Article 106a. [ Selection of the life insurance undertaking] The staff fund may choose a life insurance undertaking to which it will transfer in full or in part the contributions of foreign workers on the basis of a contract for the acceptance of contributions.
Article 106b. [ Liability of the life insurance undertaking for obligations relating to biometric risks or guarantees] 1. Liabilities relating to biometric risks or guarantees shall be borne by the assurance undertaking in so far as it is specified in the contract for the acceptance of premiums, in other cases those obligations shall be borne by the foreign employer.
2. For any damage resulting from the non-performance or improper performance of the obligations imposed by the law on the handling of any biometric risks or guarantees related to the implementation of the foreign employer's pension scheme shall correspond to the life insurance undertaking.
Article 106c. [ Agreement for the acceptance of contributions] 1. The contract for the acceptance of contributions should specify in detail the obligations of the insurance undertaking for the life and employee of the fund, the way in which they are carried out, and also indicate the persons designated by the undertaking directly responsible for the due execution of the contract.
(2) In addition, the contract for the acceptance of contributions shall specify that the operations of the borrowing by the life insurance undertaking and the staff of the fund may be carried out only for the purpose of maintaining financial liquidity and for a transitional period only.
3. Where a shareholder of an employee of the company is a foreign employer and from the provisions of its national social security law and labour law is the result of such a requirement, the contract of acceptance of contributions shall contain provisions on the transfer by the employee's fund to the employer or to his/her employees with additional information concerning:
1) the type of financial, technical and other risks related to the implementation of the foreign employer's pension scheme;
2. the risk sharing referred to in point 1;
3) the target level of benefit, where the foreign employer's pension scheme provides for the coverage of biometric risks or guarantees;
4) the amount of the payment or benefit from the pension scheme of a foreign employer providing for the coverage of biometric risks or guarantees, in the event of cessation of employment;
5) where the participants of a foreign employer's pension scheme bear the investment risk-the scope of investment policy selection, if applicable, and actual investment portfolios, as well as information on risks and costs related to investments;
6) provisions relating to the transfer of rights to the payment of a foreign employer's pension scheme to another institution of occupational retirement provision, in the case of termination of the employment relationship.
Article 106d. [ Termination of the Levy Acceptance agreement] 1. A staff fund or an insurance undertaking for life may terminate the contract for the acceptance of contributions by means of termination, the period of which shall not be less than 6 months.
2. The termination of the contract for the acceptance of contributions and its reasons shall be notified by the party to the supervisory authority without delay.
3. In the event of termination of the contract for the acceptance of contributions with the existing life assurance undertaking, that establishment should issue the life insurance undertaking with which the employee's fund has entered into an agreement, assets and any documents related to the performance of obligations under the contract, within a period to be agreed by the parties, without undue delay.
Article 106e. [ Non-performance or non-performance of duties by an insurance undertaking for life] 1. If the life insurance undertaking does not fulfil the obligations laid down in the contract for the acceptance of premiums, or does not fulfil the obligations laid down in the contract:
1. the fund shall be issued by the staff of the fund by notifying the supervisory authority without delay;
2. the supervisory authority may, by administrative decision, instruct an employee of the fund to change the life insurance undertaking.
2. The supervisory authority may order the employee to amend the life insurance undertaking also where there has been a significant deterioration in the financial situation of that undertaking, which jeopardise the implementation of the obligations arising from the contract for the acceptance of contributions.
Article 106f. [ Imdelay change of the life insurance undertaking] The staff of the fund shall immediately change the life insurance undertaking in the event of a prohibition on the performance of the business, the declaration of bankruptcy or the opening of winding-up proceedings concerning the life insurance undertaking.
Article 106g. [ Prohibition of the free disposal of assets by the life insurance undertaking] 1. The supervisory authority may, by administrative decision, restrict or prohibit the life insurance undertaking of the free disposal of assets, which serve as a security for the obligations arising from the agreement for the acceptance of contributions, where the plant:
1) has not managed to set up technical provisions in the appropriate amount, in relation to the business, or does not have assets constituting cover of technical provisions, at a level not lower than the value of the reserves technical-insurance in gross terms;
2) has not been able to maintain the statutory own funds.
2. In the case of an administrative decision of an administrative decision to prohibit the free disposal of assets referred to in paragraph 2. The fund shall immediately change the life insurance undertaking by denunciation of the existing contract for the acceptance of contributions and the conclusion of the contract with another life insurance undertaking.
Article 106h. [ Amendment of the life insurance undertaking] 1. Each change in the life insurance undertaking shall be effected in such a way as to ensure that the obligations arising from the contract for the acceptance of contributions are not carried out in the performance of the obligations. Article Recipe 106d ust. 3 shall apply mutatis mutandis.
2. The change of the insurance undertaking for life requires the permission of the supervisory authority, except in the cases referred to in art. 106e ust. 1 point 2 and paragraph. 2 and Article 106g ust. 2.
3. The permit shall be issued by the supervisory authority in accordance with the procedure laid down for the permit to amend the statute of the fund's staff.
4. In the cases referred to in art. 106e and art. 106g ust. 2, the denunciation may take place within a shorter period than that indicated in the art. 106d ust. 1.
5. The provisions of the paragraph. 2 and 3 shall apply mutatis mutandis in the event of a change in the contract of acceptance of contributions.
Article 106i. [ Restrictions on hiring in an insurance undertaking for life] 1. The Life Insurance Institution shall not employ and in the composition of the statutory authorities of that undertaking shall not enter persons who are:
1) the members of the management board, the supervisory board or employees of the staff of the staff management company of the fund, the assets of which shall be stored;
2) the members of the governing body, the supervisory board or the employees of the entity related to the employee management company of the employee fund, the assets of which holds.
2. If an insurance undertaking for life during the duration of the contract for the acceptance of contributions ceases to meet at least one of the conditions referred to in paragraph 1. 1, is required:
1. inform the supervisory authority and the staff of the fund immediately;
2) adapt to the conditions referred to in paragraph. 1, within a period of not more than 3 months, counting from the date on which it breached those conditions.
Article 106j. [ Obligations of life insurance undertaking] 1. The Life Insurance Institution, in the case of provision of insurance against biometric risks or guarantees, shall ensure:
(1) the amount of the liabilities corresponding to the financial obligations arising from the contract for the acceptance of premiums;
2) technical provisions in the appropriate amount, in relation to the full scope of the foreign employer's pension scheme;
3) the annual determination of the value and the attestator by the actuary of technical provisions.
2. The technical provisions shall be calculated in accordance with the following rules:
(1) the amount of technical provisions is calculated on the basis of a sufficiently prudent actuarial valuation, taking into account all the benefits and contributions payable in accordance with the provisions on the payment of benefits in the case of the foreign employer concerned;
(2) the technical provisions must be sufficient to cover both the payment of pensions and other benefits already paid to the beneficiaries as defined by the national law of the foreign employer to which they will continue to be paid, and to reflect the the obligations resulting from the participants ' pension rights due;
3) the economic and actuarial assumptions used for the valuation of liabilities are determined in a prudent manner;
4) applicable technical interest rates are determined cautiously and determined in accordance with the relevant provisions of the national foreign employer's law; technical interest rates are determined taking into account: income from the relevant assets held by the institution and future income on investments or market revenues from high-quality or sovereign bonds;
5. biometric tables used to determine the value of technical provisions shall take into account the main characteristics of the participants ' groups and pension schemes, in particular the anticipated changes in the relevant risks;
6) the methods and the basis for the calculation of technical provisions are applied continuously in subsequent financial years, and the possible discontinuity may be justified by legal changes, demographic changes or economic circumstances, of the underlying assumptions used to calculate these reserves.
3. The life insurance company shall be required to have:
1. the assets and liabilities corresponding to the activity resulting from the contract for the acceptance of premiums, extracted, managed and created separately in relation to the other activities of the plant, without the possibility of their transfer;
(2) additional assets over the technical provisions for accounting purposes which serve as collateral for liabilities arising from a contract for the acceptance of premiums, at an amount equal to the solvency margin established for the respective types of accounts the risks, referred to in Chapter I of the Annex to the Act of 11 September 2015. about insurance and reinsurance activities;
(3) own funds not lower than the solvency margin and not lower than the guarantee capital.
4. The guarantee capital referred to in paragraph 1. 3 (3) is equal to the greater of:
(1) one third of the solvency margin;
2) the minimum amount of guarantee capital.
Article 106ja. [ Delegation] The Minister responsible for financial institutions, in agreement with the Minister responsible for social security, will determine, by way of regulation, a detailed calculation of the solvency margin for Division I and the classes of insurance Chapter I of the Annex to the Act of 11 September 2015. of the insurance and reinsurance business and the minimum amount of the guarantee capital for Chapter I of the Annex to that Law, taking into account the need to ensure the solvency of life insurance undertakings to which the employee fund transfers the contributions of foreign workers.
Article 106jb. [ The own funds of the life insurance undertaking] 1. The own funds of the life insurance undertaking shall be the assets of the life insurance undertaking, excluding the assets:
1. intended to cover any foreseeable commitments;
2) intangible assets;
(3) own shares and own shares held by the life insurance undertaking;
4) on deferred income tax.
2. From assets constituting own funds of a life insurance undertaking shall be excluded from the life insurance undertaking for other insurance undertakings, reinsurance undertakings, credit institutions and financial institutions within the meaning of the Act of 29 August 1997. -Banking law (Dz. U. of 2015 items 128, of late. zm.), hereinafter referred to as the "Act-Banking Law", as well as investment firms within the meaning of the Act of 29 July 2005. on the trading of financial instruments:
(1) subordinated loans fulfilling the conditions set out in the paragraph. 4 point 2;
2) cumulative unpaid dividends in preference shares.
3. The own resources of the life insurance undertaking shall in particular correspond to:
1) the value of the paid-up share capital;
2. the value of the obligations towards members of the mutual insurance company, in the case of mutual insurance company, provided that, in accordance with the statutes of the mutual insurance company, obligations towards members of the insurance company reciprocal:
(a) they may be repaid to members of the mutual insurance company only if this does not result in an infringement of the Article. 106j ust. 3 point 3,
(b) in the event of liquidation of the mutual insurance company, may be paid to members of the mutual insurance company only after the payment of any other liabilities of the mutual insurance company,
(c) with the exception of individual payment related to the expiry of the membership, they may not be repaid prior to the transfer of the intention to repay, within 30 days prior to the date of repayment, to the supervisory authority which may be prohibited within that period. repayment;
3. reserve capital and reserves and capital revaluation capital;
(4) the undivided financial result from previous years after deduction of dividends due: profit-positive amount, loss-negative size;
(5) net financial result during the reporting period after deduction of dividends due: profit-positive amount, loss-negative amount.
4. At the request of the insurance undertaking for life and on the basis of the evidence submitted by it, the supervisory authority may, by decision, agree to the advance payment of own funds:
1) hidden reserves resulting from the undervaluation of assets or revaluation of liabilities in the balance sheet for accounting purposes, provided that such hidden reserves are not of exceptional character;
(2) capital of subordinated loans fulfilling the following cumulative conditions:
(a) the capital of subordinated loans may not account for more than 25% of own resources,
(b) the capital of subordinated loans is paid in full,
(c) the terms of the loan agreement include the conditions under which the capital of the subordinated loans in the event of bankruptcy or liquidation of the life insurance undertaking may be repaid only after all the other creditors of the insurance undertaking have been satisfied,
(d) in the case of loans with a specific repayment period, the initial repayment period shall be at least 5 years;
(e) in the case of loans whose repayment date is not fixed, these loans may be repaid only with a 5-year notice period, unless they are no longer included in the own funds,
(f) there are no conditions in the loan agreement stipulating that, in certain circumstances, other than the winding-up of the life insurance undertaking, the debt will be repaid before the agreed repayment date,
(g) the terms of the loan agreement include the conditions under which the loan agreement may be amended only after a statement of no objection has been received from the supervisory authority for the planned changes;
(3) half of the payment due for share capital, provided that 25% of that capital has been paid, but not more than the equivalent of 50% of the lesser of the solvency margin or the own funds of the life insurance undertaking;
(4) where the life assurance undertaking does not apply the Zillmer method or applies it, but does not take into account the full amount of the acquisition costs-the difference between the life insurance reserve calculated by the insurance undertaking the life and amount of the life insurance provision calculated using the Zillmer method, taking into account the cost of the acquisition in full.
5. In the case referred to in paragraph. 4 point 2 (d), the life assurance undertaking shall submit to the supervisory authority, not later than 12 months before the repayment date of the loan, a plan showing how to maintain or raise the own resources to the required value before the repayment date, unless the conditions for the advance payment of the loan are progressively limited by the value of the loan that is included in the own funds for a period of at least 5 years before the repayment date. The supervisory authority may authorise the early repayment of the loan, at the request of the life insurance undertaking, provided that this does not result in an infringement of Article 4 (2) of the basic Regulation. 106j ust. 3 point 3.
6. In the case referred to in paragraph. 4 point 2 (e), early repayment may take place only after the prior approval of the supervisory authority, at the request of the life insurance undertaking, which shall notify the supervisory authority of the planned repayment of at least 6 months before the planned date of entry into force of the planned the repayment date and shall provide data on the value of own funds and the value of own funds before and after the payment. The supervisory authority may authorise the repayment of the loans, provided that this does not result in an infringement of Article 4. 106j ust. 3 point 3.
7. The size referred to in paragraph. 4 point 4 may not exceed 3,5% of the sum of the difference between the sum of the capital and the amount of the reserve in the life insurance department for all insurance contracts for which the use of the Zillmer method is permissible. The difference in own funds shall be reduced by the outstanding costs of the acquisition, as shown in the balance sheet for accounting purposes as assets.
Article 106jc. [ Own funds to cover guarantee capital] The own funds to cover the guarantee capital shall constitute the assets referred to in Article 4. 106jb, excluding the assets referred to in art. 106jb ust. 4 point 3.
Article 106k. [ The setting of the net asset value of the fund's employee] In determining the net asset value of the staff of the fund, the contributions of foreign workers referred to in Article shall not be taken into account. 2. 4.
Chapter 11
Payment of funds collected on account
Article 107. [ Regulation by means of measures] 1. A member of the fund shall not be able to dispose of funds collected on his account.
2. The provision of the paragraph. 1 shall not apply to the disposition of a member of the fund in the event of death and to the regulations of the funds collected by a member of the Voluntary Fund on IKE and IKZE.
Article 108. [ Exemption from executions] Funds collected in the account of a member of an open fund shall not be executed.
Article 109. [ Principles of execution] The funds collected in the account of a member of the staff member of the fund shall be executed in accordance with the rules laid down in the law on occupational retirement provision.
Article 110. [ Other laws] The conditions for the acquisition by a member of an open fund to payment of funds collected on his account and the rules for the payment of those funds shall be determined by separate laws
Article 111. [ Transfer of funds] Transfers of funds collected in an open fund account shall be carried out by the transfer of these funds to the FUS pension fund.
Article 111a. [ Transfers of funds] 1. The funds collected in the account of a member of the open fund shall be transferred by this fund, through the Social Insurance Institution, to the revenue of the state budget in the case of:
(1) the competent pension authority notifies that a member of an open pension fund shall be established:
a) calculated on the basis of art. 15 or the right to increase it on the basis of art. 14 of the Act of 10 December 1993. o procurement of occupational pensions and their families (Dz. U. of 2015 items 330 and 1830) or
(b) calculated on the basis of the Article 15 or the right to increase it on the basis of art. 14 of the Act of 18 February 1994. on the pensions of police officers, the Internal Security Agency, the Intelligence Agency, the Military Counterintelligence Service, the Military Intelligence Service, the Central Anti-Corruption Bureau, the Border Guard, the Government Security Office, the State Security Office Fire Service and Prison Service and their families (Dz. U. of 2015 items 900, 1268 and 1830);
(2) The Social Security Office notifies that a member of an open pension fund will be established on the basis of an article. 46-50a, art. 50e or art. 184 of the Act of 17 December 1998. about pensioners and pensions from the Social Insurance Fund and the calculation of the amount of the pension under the Art. 183 of that law;
3) The Kasa Agricultural Social Insurance Fund notifies the member of an open fund of an agricultural pension for incapacity for work or a survivor's pension under Article 3 of the Agricultural Insurance Fund. 33 (1) 2b of the Act of 20 December 1990. o social insurance of farmers (Dz. U. of 2015 items 704, of late. zm.);
4. The Minister of Justice shall notify the transition from the emoluments referred to in Article. 100 § 2 of the Act of 27 July 2001. -The law on the system of common courts (Dz. U. of 2015 items 133, with late. zm.), a judge who is a member of an open fund.
2. In the case referred to in paragraph. 1, an open pension fund shall not charge a fee.
2a. In the case of the establishment of the right to a pension as referred to in paragraph 2. 1 point 2, the Social Insurance Institution shall draw an entry on the membership of an open fund from the Central Register of Members of Open Pension Funds and shall notify the pension fund to be removed.
2b. With the date of determining the right to a pension referred to in paragraph 2 (b), the 1 point 2, an agreement with an open fund shall become invalid under the law.
2c. In the cases referred to in paragraph. 1, the Article shall not apply. 100a.
3. The Minister responsible for social security shall determine, by means of a regulation, the time limit and the mode of reimbursement in the cases referred to in paragraph. 1, taking into account the principles of the cooperation of open pension funds, pension bodies and the Social Insurance Institution in the settlement of accounts.
Article 111b. (repealed)
Art. 111c. [ Transfer of funds collected in the account of a member of the open fund to the FUS pension fund] 1. Open fund, after informing by the Social Insurance Institution of the obligation to transfer funds collected in the account of a member of the open fund to the FUS pension fund in connection with the completion of the insured person's lower age by 10 years from the retirement age referred to in art. 24 of the Act of 17 December 1998. about pensions from the Social Insurance Fund, transfers to the account indicated by the Social Insurance Institution part of the funds collected in the account of a member of the open fund corresponding to the value of the decommitted units the settlement referred to in Article 100c ust. 2.
2. Open fund on the date of cessation of membership referred to in art. 81 (1) 10, shall transmit to the Social Insurance Company the data referred to in Art. 82 and art. 83.
Art. 111d. [ Transfer to the account indicated by ZUS funds collected in the account of a member of the open fund] Open fund, after informing the Social Insurance Institution of the obligation to transfer funds collected in the account of a member of an open fund to the FUS pension fund in connection with the submission by a member of the open fund of application o the granting of the partial pension referred to in Article 26b of the Act of 17 December 1998. with pensions from the Social Insurance Fund, transfers to the account indicated by the Social Insurance Institution the funds collected in the account of a member of the open fund corresponding to the value of the decommitted units referred to in art. 100d ust. 2.
Article 112. (repealed)
Article 113. [ Referral] The conditions for the acquisition, by a member of the staff member of the fund, for the payment, transfer payment or refund of funds collected on his account shall be determined by the Act on occupational pension schemes.
Art. 113a. [ Acquisition of payment entitlements or refund of funds] The terms of acquisition by a member of the voluntary fund of payment entitlements, transfer payment, return of funds collected on IKE and IKZE and partial reimbursement of funds collected on the IKE shall be determined by the Act of 20 April 2004. with individual pension accounts and individual pension insurance accounts.
Article 114. [ Single-off payment] 1. The staff of the fund shall be obliged to provide the members of the fund with the opportunity to pay all the funds collected on their accounts in the form of a one-off payment.
2. In accordance with the rules laid down in the statutes of the Fund, payment of appropriations may also be made in the form of payments made in instalments.
3. Payment of funds in both forms or in one of them shall be followed by a written request of a member of the fund.
Article 115. [ Withdrawal Deadline] The one-off payment shall be made no later than 1 month from the date of receipt by the staff member of the fund of the fund member's request.
Article 116. [ Payment in instalations] If the payment is made in instalment, the first instalment shall be paid not later than 1 month from the date of receipt by the staff member's fund of the fund member's request, unless he/she requests payment at a later date.
Article 117. [ One Time Payment Request] A member receiving payment of funds in instalations may at any time request the payment of funds remaining on his account in the form of a one-off payment. The one-off payment shall be subject to the rules laid down in the Article. 115.
Article 118. [ Compulsory payment] If, until 70 years have been completed, a member of the staff member of the fund does not request funds collected in his account, the fund shall pay those funds in the form of a one-off payment within 1 month of the date of the date of payment of the fund. completion by a member of the 70-year fund, taking into account art. 42 of the Act of 20 April 2004. about occupational pension schemes.
Article 119. [ Change of fund] 1. In the event of accession by a member of an open fund to another open fund, the existing fund shall make the transfer payment to the fund to which the member proceeded, on the basis of the notice referred to in art. 84. An open fund to which the transfer payment is made shall be obliged to accept such payment.
2. (repealed)
3. (repealed)
Article 120. [ Referral] The conditions for the transfer of transfer payments by the employee funds shall be determined by the Act on occupational pension schemes.
Article 121. [ Prohibition] It shall not be permitted to make a transfer from an account in an open fund to an account in an employee of the fund or from an account in an employee fund for an account in an open fund.
Article 122. [ Terms] 1. The transfer payments between open funds shall take place on the last working day of February, May, August and November.
2. The amount of the transfer payment shall be determined on the fifth working day before the date of this payment.
Article 123. [ National Deposit] 1. The settlement of transfer payments between open funds shall be carried out by the National Depository for Securities Spółka Akcyjna, hereinafter referred to as the "National Depository".
2. Universal Society, which is the body of an open fund to which transfer payment has been made, shall pay the fees payable to the Social Insurance Institution for reimbursement of expenses for the performance of the activities connected with the accession of a member to this an open fund and a National Depository for the reimbursement of costs for carrying out transfers of transfer payments.
2a. Fee that the common company pays for the entities referred to in paragraph. 2, shall be:
1) to the Social Insurance Institution-1% of the amount of the minimum wage, specified in the separate provisions, from each registered member of the acceding person's membership to the new fund;
2) in favour of the National Depository-1% of the amount of the minimum wage, specified in the separate provisions, from each transferred transfer payment.
3. (repealed)
Article 123a. [ Delegation] The Council of Ministers shall determine, by means of a regulation, the time limit and the procedure for the transfer of transfers in the cases referred to in Article 4. 119 as well as in the provisions of Chapters 12 and 13. The Regulation should lay down the rules for the interaction between the National Depository and the Social Insurance Institution and the open funds and the Social Insurance Institution in the settlement of transfer payments and the manner in which the interest is to be distributed to the the title of retention on the account of funds transferred by the open funds under the settlement of that payment.
Article 124. [ Rules of Procedure] The detailed arrangements for the settlement of transfer payments between open funds shall be determined by the National Depository of the Rules of Procedure approved by the Supervisory Authority. The rules of procedure shall also specify the amount of fees payable to the National Depository, which shall be paid by the open funds in connection with the settlement of the transfer payments.
Article 125. [ Responsibility of the company] The transfer payment shall not exclude the liability of the company which is the fund of the transfer payment to the former member of that fund or of another person to whom the transfer payment has been made.
Chapter 12
Breakdown of measures in the event of divorce or marriage annulment
Article 126. [ Settlements in case of divorce] If the marriage of a member of an open fund has been terminated by divorce or has been annulled, the funds collected in the account of the member of the fund, attributable to the former spouse as a result of the division of the property of the common spouses, shall be transferred in transfer payment to the account of the former spouse in the open fund.
Article 127. [ Withdrawal Deadline] The transfer payment shall be made by an open fund within the time limit referred to in Article 4. 122, upon presentation to the fund of proof that the funds collected in the account of a member of the fund have accrued to the former spouse.
Article 128. [ Opening of the account to the name of the former spouse] 1. If the former spouse of the entitled does not hold an account in the open fund and, within 2 months from the date of presentation of the proof referred to in art. 127, does not indicate an account in any open fund, the open fund to which the second of the former spouses belong, shall immediately open the account to the name of the former spouse of the eligible spouse and transfer to that account, under payment -the transfer of funds collected in the account of his former spouse. As soon as the account is opened, the former spouse is entitled to become a member of the fund. The Fund shall, without delay, confirm in writing the terms of the membership of the eligible spouse.
2. In the case referred to in paragraph. 1, the open fund shall inform the former spouse entitled under the law referred to in art. 82 ust. 1.
Article 129. [ Application of provisions] The provisions of Article 4 126-128 shall apply mutatis mutandis in the event of the cessation of the property's commonality during the duration of the marriage of a member of an open fund or of a contractual exemption or limitation of the statutory partnership between a member of that fund and his or her spouse.
Article 129a. [ Rights of persons holding an account in an open pension fund] 1. Persons to whom on the basis of art. 128 the open pension fund has opened the account, shall have the right to a one-time payment of all funds collected on the account, within 14 days from the date of submission of the application, in the event of:
1) the application, together with the decision granting the pension, the pension provision, the pension for the farmers or the emoluments ' pension;
2) the right to a pension, provided that 60 years have been completed for women and 65 years for men;
3) the submission of an application by persons born before 1 January 1969, if the funds collected on their account in the amount determined on the date of submission of the application are not higher than the amount constituting:
(a) 50% of the average remuneration referred to in Article 20 point 3 [ 5] the Act on Pensions and Rents from the Social Insurance Fund, if the opening of the account took place before 1 January 2002,
(b) 150% of the average remuneration referred to in Article 20 point 3 of the Act on Pensions and Rents from the Social Insurance Fund, if the opening of the account took place after 1 January 2002.
2. Persons who have the right to early retirement on the basis of separate regulations, and whose open pension fund has opened an account on the basis of art. 128, do not lose their right to early retirement.
3. The safest referred to in art. 111 (1) 3 and 6 of the Act of 13 October 1998. o the social security system which has been granted membership in an open pension fund under Article 128, The bet does not go to the account in the open pension fund part of the contribution referred to in art. 22 par. 3 of the Act on Social Security System.
4. If the insured referred to in para. 3, the plant has carried out a contribution to the open pension fund part of the contribution referred to in art. 22 par. In accordance with Article 3 (3) of the Act on social security schemes, this contribution shall be repaid in accordance with the rules laid down for an unduly paid contribution to an open pension fund.
5. The provision of the paragraph. 1 shall not apply to persons born after 31 December 1968 which, after the date of the opening of the account under the art. 128 paid a social security contribution.
Article 130. [ Abolition of property commonality] 1. Payment of funds collected in the account of a member of the employee of the fund, which were covered by the matrimonial property community, in the case of termination of marriage by divorce or marriage annulment, shall be made directly to his former the spouse within 1 month of the date of submission of the evidence to the fund, that the funds have been married to the former spouse.
2. Paragraph Recipe 1 shall apply mutatis mutandis in the event of the cessation of property partnership during the duration of the marriage of a member of the staff member of the fund or of the contractual exemption or limitation of the statutory partnership between a member of that fund and his spouse.
Chapter 13
Distribution of funds in case of death of a member of the pension fund
Article 131. [ Withdrawal after death of spouse] 1. If, at the time of death, a member of an open fund has been married, the fund shall pay the transfer of half of the funds collected in the account of the deceased to the spouse of the deceased in the open fund, to the extent that the funds these were the subject of matrimonial property sharing.
2. The transfer payment shall be made within the time limit referred to in art. 122, but not earlier than 1 month, after the deceased's spouse has presented the deceased's death certificate, the write-off of the marriage certificate and the written declaration stating that no changes have occurred to the member of the fund until the death of the member of the fund. relation to the content of the statement referred to in Article 83 (1) 1, or the notice referred to in Article 83 (1) 2, and if these changes have taken place-also proof of these changes.
3. If the spouse of a deceased member of the fund does not hold an account in an open fund, the provisions of the art shall apply accordingly. 128.
4. If the deceased did not complete the obligation laid down in the Art. 83 (1) 1 second sentence or paragraph 2, his spouse should confirm in writing that until the death of a member of the fund, the state of the property relations between the spouses established pursuant to the article has not changed. 83 (1) 3, and in the event of a change of that state, present the relevant evidence of this change.
5. The open fund shall not be liable for the consequences of failure or failure to comply with the obligation laid down in the paragraph. 2 or 3.
Article 132. [ Submission of funds to family members] 1. The funds collected in the account of the deceased member of the open pension fund, which will not be used in accordance with art. 131, shall be transmitted to persons indicated by the deceased, in accordance with art. 82 ust. 1 or 1a and, in the absence thereof, are part of the decline.
2. (repealed)
3. An open fund shall pay the funds owed to the person indicated by the deceased within the period of 3 months, not earlier than within 1 month, from the date of presentation to the fund of an official document stating the person's identity of the right, except that the payment of funds for the deceased's spouse may be transferred to his/her request for an account in an open fund. In the latter case, the following shall apply mutatis mutandis to the transfer payment of funds for the spouse of the deceased. 128.
4. Payment made directly to the person indicated by the deceased shall be made in the form of a one-off payment or in the form of payment in instalments payable for a period of not more than 2 years, according to the written disposition of the authorized person.
4a. The provisions of the paragraph. 3 and 4 shall apply mutatis mutandis to the heirs, who are additionally required to submit a claim for the acquisition of inheritance to the Fund.
5. The rules of payment in instalment shall specify the statutes of the open fund.
Art 132a. (repealed)
Article 132b. [ Death of a member of the voluntary fund] In the event of the death of a member of the voluntary fund, the provisions of the Act of 20 April 2004 shall apply. on the individual pension accounts and the individual pension insurance accounts of the savings regulations on IKE and IKZE in the event of his death.
Article 133. [ Death of a member of the fund's staff] 1. In the event of the death of a member of the staff of the fund, the funds collected in his account shall be paid to the person indicated by the member of the fund as being paid to receive the benefit in the event of his death. In the absence of a failure to deal with the death, the funds collected shall consist of a decrease.
2. Payment of the measures referred to in paragraph. 1, shall take place directly in favour of the persons entitled, within 1 month of the date of presentation of the evidence to the fund, that these measures have been taken by those persons.
Chapter 14
Financing of the pension fund's activities
Article 134. [ Toll Collection Forms] 1. An open fund may levy charges only in the form of a deduction of a percentage of the amounts paid in contributions of not more than 1,75%, with the result that the deduction shall be made before the conversion of the contributions to the settlement units.
1a. A voluntary fund may levy charges only in the form of a deduction of a percentage of the contributions paid, in the amount specified in the statutes, with the result that the offsetting shall be effected before the conversion of the contributions to the settlement units.
2. The amounts representing the equivalent of the fees referred to in paragraph 2. 1, the open fund shall immediately transfer to the public the benefit of the public.
Article 135. [ Application of the uniform method] The open fund shall apply a single method for the calculation and collection of the fees referred to in Article 3. 134 (1) 1, in respect of all members, except that such charges may be levied at a lower level from members with a longer membership, as defined in the statutes of the fund, without the payment of fees to persons being diverted from the having the same member state.
Article 136. [ Covering costs] 1. Costs connected with the execution of the transaction of acquiring or disposing of the assets of the fund, constituting the equivalent of the fees charged to third parties, from which the fund is obliged to use the power of separate regulations, and costs related to the storage of these assets, equivalent to the remuneration of the depositary, shall be covered by the fund directly from its assets.
2. An employee fund may cover directly from its assets also the costs of the management of the fund by the employee company at a rate of not more than 0,05% of the value of the net assets under management on a monthly basis. This fee shall be calculated on each day of the calculation of the Fund's net asset value and payable on the last working day of each month.
The open fund may cover directly from its assets the costs of the management of the fund by the company at the rate laid down in the statutes, but not exceeding the amounts calculated according to the following scale:
| Net asset value (in million zł) |
The monthly fee for the management of an open fund on net assets shall be: |
|
| more than |
to |
|
|
|
8,000 |
0,045% of net asset value on a month scale |
| 8,000 |
20,000 |
PLN 3.6 million + 0.04% of the surplus of over PLN 8 000 million in net asset value, on a monthly basis |
| 20,000 |
35,000 |
PLN 8,4 million + 0.032% of the surplus of over 20 000 million zł net asset value, on a month scale |
| 35,000 |
45,000 |
PLN 13.2 million + 0.023% of the excess over PLN 35,000 million worth of net assets, on a monthly basis |
| 45,000 |
|
15.5 million zł |
This amount shall be calculated per day on which the net asset value of the fund is determined and paid on the last working day of each month.
2b. The open fund may finance from its assets the costs arising from the opening of the premium account referred to in art. 182a.
2c. The voluntary fund may cover directly from its assets the costs of managing the fund by the company on the basis of the statutes.
3. In determining the value of the net assets under management of the fund referred to in paragraph 3. 2 and 2a, the value of the investments referred to in Article 2 shall not be taken into account. 141 (1) 1 points 11-14.
Art. 136a. [ Expenses related to the holding of assets] 1. Costs associated with the storage of assets and the execution and settlement of the transaction of acquiring or disposing of the assets of the fund, constituting the equivalent of the fees charged to the clearing institutions from which the fund is to be made by the fund the use of separate provisions constituting the remuneration component of the depositary shall be covered by the fund's assets according to the current commission table and fees of the clearing institution concerned.
2. (repealed)
Article 137. [ Other entities covering costs] 1. The costs of the activities of the fund, which are not covered directly from its assets, shall be borne by the company.
2. Employers who are shareholders of the employees of the company shall be obliged to cover the costs of the activity of the company on the basis of the rules laid down in the association of the company.
3. The Fund shall be entitled to cover from its assets the costs arising from the incurred public donations, if from their payment it is not exempt on the basis of separate provisions and if their bearing is related to the fund carried out by the Fund statutory activities.
Article 138. (repealed)
Chapter 15
Housing activities of pension funds
Article 139. [ Local rules] The Fund lodgings its assets in accordance with the provisions of this Act, aiming to achieve the maximum degree of safety and profitability of the investments made.
Article 140. [ Determining the amount of investments] In determining what part of the assets of the fund's staff may be placed in the individual categories of investments, the shares submitted in the quantitative accounts and the appropriations in the separate cash account referred to in Article 1 shall not be taken into account. 100 para. 4.
Article 141. [ Placement of assets] 1. The assets of the fund may be loated, subject to paragraph. 2 and 3 and Article 3 146, only in the following categories of investments:
1) bonds, bonuses and other securities, issued by the State Treasury or the National Bank of Poland, as well as loans and loans, granted to those entities;
(2) bonds, bonuses and other securities issued by the governments or central banks of the countries referred to in paragraph 2 (2). 4, as well as loans and loans, to be granted to those entities;
3) bonds and other debt securities, taking care of cash benefits, guaranteed or guaranteed by the State Treasury or the National Bank of Poland, as well as deposits, loans and loans, guaranteed or vouched by those entities;
4) bonds and other debt securities, taking into consideration the cash benefits, guaranteed or guaranteed by the governments or central banks of the countries referred to in paragraph. 4, as well as deposits, loans and loans, guaranteed or guaranteed by those entities;
5. bank deposits in the Polish currency in banks or credit institutions established and operating on the basis of the permission of the competent supervisory authorities over the financial market in the states referred to in paragraph. 4;
6. deposits denominated in the currencies of the countries referred to in paragraph 1. 4, in banks or credit institutions established and operating on the basis of the authorisation of the competent supervisory authorities of the financial market in the countries referred to in paragraph 1. 4, except that the acquisition of the currency may take place only in order to settle the current liabilities of the fund arising from the acquisition or disposal of investments in the framework of the fund's investment policy;
7) shares of companies listed on the regulated market in the territory of the Republic of Poland and convertible bonds on the shares of these companies, as well as listed on this market the rights of collection and rights to shares;
8) shares, rights of conscriptions and rights to shares, being the subject of public offering in the territory of the Republic of Poland;
9) shares of companies listed on the regulated market in countries other than the Republic of Poland and convertible bonds on the shares of these companies, as well as listed on these markets for rights of collection and rights to shares;
10) shares, rights of call and rights to shares which are the subject of a public offering in the territory of the states referred to in paragraph. 4;
11) investment certificates issued by investment funds closed;
(12) the titles of shares issued by the institutions of joint investment of a type of closed type established in the territory of the States referred to in paragraph 1. 4, having a total of the following:
(a) the exclusive object of their activities is the collective placement of cash, collected by public or non-public means of proposing the acquisition of their titles, in securities, in money market instruments and other rights assets,
(b) they carry out their activities on the basis of the authorisation of the competent supervisory authorities of the financial market of the country in which they are established or the conduct of their activities requires the notification of the competent supervisory authorities of the financial market. the country in which they are established where, in accordance with the instruments of incorporation, their titles of participation are not offered by a public offering or admitted to trading on a regulated market or entered on an alternative trading system, and may also be acquired by natural persons only when they are made by natural persons one-time acquisition of participation titles with a value of not less than 40 000 euro,
(c) their activities are subject to direct supervision by the competent supervisory authorities of the financial market in the country in which they are established,
(d) in accordance with the law of the State of their establishment, the depositary shall have the depositary holding the assets of that institution,
(e) they are managed by entities which carry out their activities on the basis of the authorisation of the competent supervisory authorities of the financial market in the country in which they are established;
(13) units of shares disposed of by investment funds opened or specialised investment funds opened;
(14) the titles of the shares issued by the institutions for mutual investment of the open type established in the territory of the States referred to in paragraph 1. 4, having a total of the following:
(a) the exclusive object of their activities is the collective placement of cash, collected by public or non-public means of proposing the acquisition of their titles, in securities, in money market instruments and other rights assets,
(b) they carry out their activities on the basis of the authorisation of the competent supervisory authorities of the financial market of the country in which they are established or the conduct of their activities requires the notification of the competent supervisory authorities of the financial market. the country in which they are established,
(c) their activities are subject to direct supervision by the competent supervisory authorities of the financial market in the country in which they are established,
(d) in accordance with the law of the State of their establishment, the depositary shall have the depositary holding the assets of that institution,
(e) they are managed by entities which carry out their activities on the basis of the authorisation of the competent supervisory authorities of the financial market in the country in which they are established;
15) bonds and other debt securities issued by local government units or their associations, which are the subject of a public offering;
(16) which are the subject of a public offering of bonds and other debt securities issued by the competent regional or local public authorities of the countries referred to in paragraph 1 (2). 4;
17) other than the ones being the subject of the offer of public bonds and other debt securities issued by local government units or their associations;
18) other than the subject of the public offering of bonds and other debt securities issued by the relevant regional or local public authorities of the States referred to in paragraph. 4;
19) income bonds, as referred to in the Act of 15 January 2015. o bonds (Dz. U. Entry 238);
(20) debt securities whose issuer may limit its liability for the liabilities therefrom arising from the amount of the income or the value of the assets to which the obligor serves the right to take precedence over others. the creditors of the issuer and whose issuers may be the following entities established in the territory of the States referred to in paragraph 1. 4:
(a) the relevant regional or local public authorities,
(b) banks or credit institutions implementing, in particular, government programmes, including those implemented using funds from European Union funds and international financial institutions, infrastructure, and related to the the development of the small and medium-sized enterprises sector,
(c) State funds carrying out activities consisting in providing financial support to capital funds investing in entrepreneurs established in the territory of the States referred to in paragraph 1. 4,
(d) companies in which the entities mentioned in point (c) and have such a number of shares or shares, which shall provide those entities with more than 50% of the total number of votes in those companies, as long as the only subject matter of the companies is meeting the needs of local communities or carrying out tasks in the scope of Utility,
(e) companies the sole object of which is the performance of public service tasks on the basis of contracts concluded with the entities mentioned in point (a), a and which tasks shall be carried out at least for a period equal to the maturity of the securities issued for that purpose,
(f) companies which, on the basis of an authorisation under the law or on the basis of a concession or authorisation, will carry out public service tasks or provide services in the field of transport or communication and maintenance, and the development of a communication or transport infrastructure for at least a period of time equal to the maturity of the securities issued for that purpose;
21) being the subject of a public offering in the territory of the Republic of Poland bonds issued by other entities than the units of local government or their compounds, which have been secured in the amount corresponding to the full value a nominal and possible interest rate;
22) other than being the subject of a public offering on the territory of the Republic of Poland bonds and other debt securities issued by entities established in the territory of the Republic of Poland other than entities the local or regional authorities or associations thereof which have been secured at the level of the nominal value and the interest rate at which they are subject;
(23) which are the subject of a public offering in the territory of the States referred to in paragraph 1. 4, bonds and other debt securities issued by entities other than the competent regional or local public authorities of the countries referred to in paragraph 1 (2). 4 which have been secured in the amount corresponding to the full face value and the interest rate at which they are subject;
24) other than the subject of public offering in the territory of the States referred to in paragraph. 4, bonds and other debt securities issued by those established in the territory of the countries referred to in paragraph 1 (a) of the ECB ' s national central bank, which are issued by the 4, entities other than the competent regional or local public authorities of the States referred to in paragraph 1. 4 which have been secured in the amount corresponding to the full face value and the interest rate at which they are subject;
25) bonds and other debt securities, for which entities obliged to fulfil the benefits are listed companies on the regulated market in the territory of the Republic of Poland other than the securities referred to in point 21 and 22;
26) being the subject of a public offering in the territory of the Republic of Poland bonds and other debt securities other than the securities referred to in points 15 and 21;
(27) which are the subject of a public offering in the territory of the countries referred to in paragraph 1. 4, bonds and other debt securities other than securities as referred to in points 16 and 23;
28) bonds and other debt securities for which the entities obliged to fulfil the benefits are listed companies in countries other than the Republic of Poland, other than the securities referred to in points 23 and 24;
29) pledgings;
(30) debt securities issued by a credit institution established in the territory of the States referred to in paragraph 1. 4, which is subject to specific public supervision to protect the holders of these securities, provided that the amounts obtained from the issue of those securities are invested by the issuer in assets which, until the date of redemption, are invested in the issuer. ensure that all cash benefits arising from these securities are met and that, in the event of the insolvency of the issuer, priority shall be given to the recovery of all the cash benefits arising from those securities;
31) depositary receipts, within the meaning of the Act of 29 July 2005. the trading of financial instruments, admitted to trading on a regulated market in the territory of the Republic of Poland;
32) depositary receipts admitted to trading on a regulated market in countries other than the Republic of Poland;
33) bonds issued by the Bank Gospodarstwa Krajowego under the principles laid down in the Act of 27 October 1994. on toll motorways and on the National Road Fund;
34) bonds other than those mentioned in point 33, bank securities or pledged lists issued by Bank Gospodarstwa Krajowego.
2. The assets of the open fund shall not be loaned in terms of the investments referred to in paragraph. 1:
1. points 1 to 4;
2) paragraphs 33 and 34, if guaranteed by the State Treasury.
(3) The assets of the fund may be placed in terms of the investments referred to in paragraph 1. 1 points 13 and 14, if the investment policy of the entities referred to in paragraph 1 1 points 13 and 14, resulting from the instruments of incorporation and periodically made public, consist of the placement of assets exclusively in the categories of investments referred to in paragraph 1. 1.
4. The assets of the fund may be loated in assets denominated in zlotys or in the currencies of the states that are members of the European Union or parties to the agreement on the European Economic Area, or members of the Organization for Economic Cooperation and Development.
5. The total value of assets of an open fund in assets denominated in a currency other than the national currency shall not exceed 30% of the value of those assets.
6. The total value of the assets of the employee's assets in assets denominated in a currency other than the national currency shall not exceed 30% of the value of these assets.
7. The Council of Ministers may define, by way of regulation, other categories of investments than those referred to in paragraph. In order to ensure maximum protection of the interests of members, the availability of instruments enabling risk reduction, the possibility of valuing these instruments and the effects of their use, with a view to ensuring maximum protection of the interests of members, should be taken into account. of funds.
8. In the case of a determination in the Regulation referred to in paragraph. 7, deposits with derivatives or financial instruments referred to in art. 2. 1 point 2 (a) c of the Act of 29 July 2005. on the trading of financial instruments:
(1) the Regulation should specify the conditions for the conclusion by the fund of contracts for which derivative instruments, conditions and rules for the position of the Fund for derivative positions are to be concluded, the way in which the maximum involvement of the Fund is to be determined. derivatives, the conditions to be met by the indices constituting the derivative base, and a list of those indices;
2) the assets of the fund may be placed in derivative rights or financial instruments referred to in art. 2. 1 point 2 (a) c of the Act of 29 July 2005. on trading in financial instruments, only to limit the investment risks associated with the placement of those assets.
Article 142. [ Specific provisions relating to investments] 1. The locals in the individual categories of investments referred to in art. 141 (1) 1, are subject to the following restrictions:
1) in the case of the investments referred to in Article 141 (1) In accordance with Article 4 (1), point 5 and 6, no more than 5% of the value of the assets of the fund may be located in one bank or one credit institution or in two or more banks or credit institutions which are entities related, and in the case of one or more of the other any bank or credit institution or group of banks or credit institutions that are entities of a related limit may or may not be 7,5% of any selected bank;
2) in the case of investments referred to in Article 141 (1) 1 points 11 and 12, not more than 2% of the value of the assets of the fund may be located in investment certificates issued by a single investment fund closed and in the titles of the shares issued by one single institution of investment of a closed type;
3. in the case of investments referred to in art. 141 (1) 1 points 13 and 14, not more than 5% of the value of the assets of the fund may be located in units of shares disposed of by one investment fund open or one specialised investment fund opened and in the title of the shares issued by a single investment mutual institution of the open type, with no more than 15% of the value of the assets of the fund may be located in total in all open and specialised investment funds open and specialised investment funds managed by one company of investment funds and in all open-investment mutual investment institutions managed by a single management company;
4) in the case of investments referred to in Article 141 (1) 1 points 5 to 28, 31 and 32, the total value of the fund's assets in all securities of one issuer, or two or more issuers which are related entities, may not exceed 10% of the value of those assets;
5. in the case of investments referred to in art. 141 (1) In accordance with Article 18 (1) (1) (1) (a), (1) (29) and (30), the total value of the asset's asset in all securities of a single issuer, or two or more issuers which are related entities, may
2. The Fund may invest up to 5% of the value of its assets in investment certificates or bonds issued by a single securitisation fund and in the titles of participation or bonds issued by one single institution of mutual investment, of which Article 141 (1) 1 point 12, which issues the issue of the title of participation in order to collect funds for the acquisition of receivables or for entitlement to benefits under certain claims.
3. The limitations referred to in paragraph 1. Article 1 (3) does not apply to the staff of the Funds.
4. The limits referred to in paragraph 1. Points 4 and 5 shall not apply where the fund has been subject to the obligation to accept payments in the form laid down in Article 4 (1) (a) of the Regulation. 97 ust. 1. Rules of Art. 149 (1) 2 and 3 shall apply mutatis mutandis.
5. The Council of Ministers shall determine, by means of a regulation, the maximum portion of the assets of an open fund which can be placed in the individual categories of investments referred to in Article 3. 141, having regard to the need to ensure a high rate of recovery of the measures involved, while maintaining the security guarantees of the funds collected for the payment of the members of the open funds
6. The Council of Ministers, by issuing the regulation referred to in the paragraph. 5, takes account of the fact that the investments of open fund assets in individual categories of investments may not exceed:
1) 20% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 5 and 6;
2) 10% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 11 and 12;
3) 15% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 13 and 14;
4) 40% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 15 and 16;
5) 20% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 17 and 18;
6) 20% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 19 and 20;
7) 40% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 21 and 23;
8) 10% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 22 and 24;
9) 10% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 25 and 28;
10) 5% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 26 and 27;
11) 40% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 29 and 30;
12) 10% of the value of the assets-in the case of investments referred to in art. 141 (1) 1 points 31 and 32.
7. The Council of Ministers may define, by means of a regulation, the maximum portion of the assets of the staff of the fund, which may be placed in the individual categories of investments referred to in Article 4. 141, taking into account the need to ensure a high rate of recovery of the measures involved, while maintaining the security guarantees of the funds collected for the payment of members of the staff of the Funds
Article 143. (repealed)
Article 144. [ Measures in which no assets may be loosed] The assets of an open fund and the voluntary fund shall not be eligible for the following:
(1) shares or other securities issued by the common management of those funds;
2) shares or other securities issued by a shareholder of the universal company managing those funds;
3. shares or other securities issued by entities which are entities related to the entities referred to in points 1 and 2.
Article 145. [ Prohibition on asset placement] The assets of the staff of the fund shall not be loated in securities issued by the staff of the staff managing the fund.
Article 146. [ Height of lodgings] 1. Not more than 5% of the value of the assets of the employee's assets may be combined in shares or other securities issued by the shareholders of the employee's management company with the fund.
2. Not more than 10% of the value of the assets of the employee's assets may be combined in shares or other securities issued by entities which are related to the shareholders referred to in paragraph 2. 1.
3. The assets of the staff of the fund may be placed in securities issued by the shareholders of the employee of the company managing the fund or entities which are entities related to those shareholders, as long as it allows These are the statutes of this fund.
Art. 146a. [ Parameters for the assessment of the risks associated with the placement of assets] 1. The staff fund shall not rely solely or automatically on credit ratings issued by external credit assessment institutions or use them as the sole parameter when assessing the risks associated with the placement of the assets of the fund employee.
2. By the external institution of the credit assessment referred to in paragraph 1. 1, shall be understood to be a credit rating agency registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009. on credit rating agencies (Dz. Urz. EU L 302, 17.11.2009, p. 1, from late. d) or a central bank drawing up credit ratings excluded from the scope of application of this Regulation.
Article 147. [ Provisions of statutes] The statute of an employee of the fund shall determine whether and in what securities, treasury or fund shares the fund may place its assets outside the country.
Article 148. [ Restriction of investments] The following restrictions shall apply to all investments of the fund in units disposed of by investment funds opened or specialised open investment funds:
(1) an investment fund company managing an open investment fund or a specialised open-ended investment fund in which the fund shares its assets, may not have more than 5% of the shares in the investment fund. any of the shareholders of the employee of the management company of that fund and more than 10% of the total number of shares of all the shareholders of that company;
2) in shares of any of the shareholders of the company of the company shall not be located more than 5% of the value of the assets of the investment fund of an open or specialist open investment fund;
3) none of the members of the management board or of the supervisory board of the company of the company may be a member of the management board or the supervisory board of the investment fund manager of an open-ended investment fund or a specialist investment fund open.
Article 149. [ Changes in the market] 1. If, following a change in market prices underlying the valuation of assets and liabilities of funds, exchange rates, or organisational or capital ties between entities whose financial instruments are the subject of deposits of the assets of the fund, or as a result of other circumstances for which the fund has no direct influence, it will deliberately violate the provisions of this Chapter, it is obliged to take immediate steps to adjust the local activity to the requirements specified in the Act.
2. The adjustment of the business activity to the requirements set out in the law shall take place no later than 6 months from the date of the unlawful state or from the date on which the valuation of the assets of the fund has been carried out the existence of such a condition, depending on which of these terms is later.
3. At the request of the fund, filed no later than within 1 month from the date of the existence of the unlawful state or the date of establishing such a condition, in accordance with the paragraph. 2, the supervisory authority may authorise an extension of up to 12 months of the period referred to in paragraph. 2 if this is justified on grounds of protection of the interests of the members of the fund.
4. If following the implementation of the schedule referred to in art. 102, due to the interest of the members of the staff of the fund-a breach by the fund of the provisions of art. 146, the adaptation of the fund's local activities to the requirements set out in those provisions should take place no later than one month from the date of the unlawful state or the date of the determination of such a condition, in accordance with the mouth. 2, with the fact that the supervisory authority may, at the request of the fund, extend that period to 6 months. In the latter case, the provision of the paragraph. 3 shall apply mutatis mutandis.
Article 150. [ Restrictions on the assets of the fund] The Fund may not:
1. dispose of its assets:
(a) the management company of the fund,
(b) the members of the management or supervisory board of the company,
(c) persons employed in the company,
(d) persons who remain with the persons referred to in (c) b-c in matrimonial relationship, relationship of kinship or affinity to the second degree,
(e) the shareholders of the company,
(f) the company in relation to the company,
(g) to the company in relation to the shareholders of the company;
(h) (repealed)
2) acquire for its assets assets from any of the entities listed in point 1;
3) grant loans, guarantees and sureties, subject to Art. 141 (1) 1 and Art. 151.
Article 151. [ Granting loans] 1. (repealed)
2. The Fund may grant loans of securities traded on a regulated market under the conditions and in the mode referred to in the paragraph. 3.
3. The Council of Ministers may determine, by means of a regulation, the conditions and mode of granting by the funds of the securities of securities traded on a regulated market, the permissible limit of the fund's involvement in the provision of securities securities and the way in which securities are taken into account when applying restrictions on the fund's investment activities and when determining the value of the assets of the fund, with a view to the security of the assets of the fund and the protection of interests members of the fund
Article 152. [ Entruning the Management of Assets] 1. [ 6] The Staff Fund may entrust, to the extent and under the conditions laid down in the Act of 29 July 2005. on the trading of financial instruments or in the Act of 27 May 2004. o Investment funds and the management of alternative investment funds (Dz. U. of 2014 items 157, of late. zm.), managing the assets of the fund to an entity which, under these provisions, is entitled to carry out activities in the management of portfolios, consisting of one or more financial instruments, and possesses permission to carry out this activity.
2. The subject referred to in paragraph 2. 1, is chosen by the employee company, by way of a resolution of the supervisory board, and manages the part or all of the assets of the employee's fund under the relevant agreement with the fund and in accordance with the rules of conduct set out in the statute of the fund local activities.
3. In the case referred to in paragraph. 1, the statute of an employee of the fund should specify the conditions under which the fund entrusts the management of the whole or part of its assets, or empower the employees of the company to determine them by way of a resolution of the Supervisory Board.
Article 153. [ Entrusted with the management of assets to foreign entities] 1. Within the framework of a local activity outside the country, the fund may entrust the management of its assets to entities established in the territory of the States referred to in art. 141 (1) 4 which are authorised to operate in the field of management of other foreign assets under the rules in force in those countries. The conditions under which the Fund entrusts the management of assets shall be determined by the statutes of the Fund.
2. The subject referred to in paragraph 2. 1, shall be chosen by the company by way of a resolution of the supervisory board.
3. The management of the assets of the fund within the framework of the placement activities outside of the country shall be carried out on the basis of the agreement concluded with the fund by the entity referred to in the paragraph. 1.
4. The Fund may conclude an agreement with the entity referred to in paragraph. 1, if:
1. the conferment of management will not adversely affect the ability of the supervisory authority to exercise effective supervision over the investment activities of the fund;
2. entruning the performance of activities shall not adversely affect the pursuit of the activities of the company in accordance with the interests of the members of the fund;
(3) the protection of legally protected information shall be ensured;
4) it will be provided the possibility for the company to communicate its instructions to the fund's investments to the entity entrusted with the management of the assets;
5) the possibility of termination of the agreement referred to in paragraph shall be ensured. 3, by the company with immediate effect, where the interest of the members of the fund will be required;
6) it will be provided the possibility for the company to exercise effective control in the performance of the activities entrusted to it and to manage the risks associated with the entrusting of activities, including, in particular, the entity will be imposed the obligation to provide promptly information and documents relating to the contract being executed;
7) it will be ensured the possibility of effective execution at any time by the depositary and the entities referred to in art. 159 par. 2, obligations under the law;
(8) the entity to which the management will be entrusted:
(a) has the necessary knowledge and experience in the management of assets and provides a guarantee of the proper performance of the duties,
(b) provide the technical and organisational conditions necessary for the proper performance of the contract and the continuous and uninterrupted pursuit of the activities in the contract area,
(c) it is in a financial situation which ensures the proper execution of the contract.
5. For the damage caused by the non-execution or improper performance of the contract referred to in the paragraph. 3, the company shall be liable to the members of the fund jointly and severally with the entity with which it has concluded the contract.
(6) The costs equivalent to the fees charged to the manager of the assets of the fund and constituting the component of the remuneration of that entity shall be covered by the company from own resources.
7. The assets managed by the entity to which the fund has entrusted the management shall be kept by the depositary or entity referred to in art. 159 par. 2.
8. A depositary or an entity referred to in art. 159 par. 2, they shall not be entities related to the entity to which the management of the assets of the fund will be entrusted.
9. The Society shall keep a record of the agreements referred to in the paragraph. 3, which includes the following information:
1) data identifying the entities with whom the agreements were concluded;
2) the scope of the entrusted activities and the place of their execution;
3) the duration of the contracts;
4) a description of the technical and organizational solutions ensuring the safe and correct execution of the entrusted activities, in particular the protection of the secrets of the legally protected.
Article 153a. [ Informing the supervisory authority of the conclusion of the agreement] 1. The Fund shall without delay inform the supervisory authority of the conclusion of the agreement referred to in art. 153 (1) 3, or change it.
2. The supervisory authority may invite the fund to obtain from the entity entrusted with the exercise of the management of the assets, information and documents relating to the performance of the contract referred to in art. 153 (1) 3. The supervisory authority shall specify in the request for information and documents to be transmitted.
3. The supervisory authority, by administrative decision, may order the fund to amend or terminate the contract referred to in Article 3. 153 (1) 3 if:
1) the requirements laid down in the provisions of the law or the statutes of the fund, which are conditional on the entrusting of the management of pension fund assets outside the country, are not fulfilled, or
2) the implementation of the contract violates the interest of the members
4. The decision referred to in paragraph 4. 3, a rigor is suitable for immediate feasibility.
Article 154. [ Height of loans and loans] 1. Loans and loans contracted by the Fund shall not exceed 1,5% of the value of its assets.
2. In the case of an employee of the fund, the borrowing or loan is possible only on the basis of the decision of the employee of the company taken in the form of a resolution of the supervisory board.
Art. 154a. [ Storing documents] 1. The Society shall store for a period of 3 years the documents on the basis of which individual decisions concerning the deposits of the fund are taken, in such a way as to make it possible to determine when and by whom they have been taken.
2. The Society shall document the investment process in such a way as to identify who and when to make decisions concerning the investment strategy and the placement of the fund's assets.
Article 155. [ Delegation] The Council of Ministers may define, by way of regulation, additional restrictions on the pursuit of the business of the funds, with a view to protecting the interests of the members of those funds.
Article 156. [ Penalty of money] If the fund does not comply with the provisions of the law or the articles of association of the fund setting out the rules of local activity or fail to fulfil the obligations laid down 149 (1) 1, 2 and 4, the supervisory authority may impose on the company a penalty payment of up to PLN 3,000,000.
Chapter 16
Depositary
Article 157. [ Depositary selection] The Fund shall be required to select the depositary, to whom, on the basis of a contract, it shall entrust the storage of its assets.
Article 158. [ Terms and Conditions which must be fulfilled by the depositary] 1. A depositary may be a bank which:
1) is a national bank within the meaning of the Act-Banking law;
2) has own funds in the amount equivalent to the equivalent in gold of at least EUR 100 000 000, if the subject of storage is to be the assets of the open fund, or EUR 30 000 000, if the object of the storage is to be the assets an employee of the fund;
3) there is no share of the company managing the fund, the assets of which holds, or the shares or shares of the entity related to that company;
4) is not a lender or lender in relation to the fund the assets of which holds, nor the company managing that fund, unless the amount of the loan or credit does not exceed 1% of the value of the net assets of the fund at the time of the incurrence a loan or loan, and
5) neither employs nor possesses in the composition of the statutory authorities of persons who are:
(a) the members of the management board, the supervisory board or the staff of the company managing the fund whose assets it holds,
(b) the members of the management body, the supervisory board or the employees of the entity related to the company referred to in point (b). a.
2. A depositary may be a National Depository, if it meets the conditions set out in the paragraph. 1 points 5 to 5.
3. If the depositary in the course of the contract with the Fund no longer meets any of the conditions set out in the paragraph. It shall without delay inform the supervisory authority and the fund and shall be obliged to comply with the requirements referred to in that provision within a period of not more than 3 months from the date on which it ceased to fulfil those conditions.
Article 159. [ Obligations of the depositary] 1. The duties of the depositary in the storage of the assets of the fund shall be:
1) to keep a register of assets of the fund written on the appropriate accounts and held by the depositary and other entities entitled to do so under separate regulations or on the basis of agreements concluded with the consent of the depositary;
2. to ensure that the net asset value of the fund is determined in such a way as to enable the fund to carry out the duties set out in Chapter 17;
3) ensure that the contracts covering the acquisition and disposal of the assets of the fund are in accordance with the provisions of the law and the statutes of the fund;
4) the execution of the instructions of the fund, unless they are contrary to the provisions of the law or the statutes of the fund or in the assessment of the depositary threaten the security of the assets of the fund;
5. to ensure that the assets of the fund are transferred in accordance with the provisions of the law and the statutes of the fund;
6) ensure the timely settlement of contracts relating to the assets of the fund;
7) execution of liquidators ' orders concerning the liquidation of the fund;
(8) the performance of other obligations under the law.
2. The depositary may, at the request of the fund, conclude the agreements referred to in the paragraph. 1 point 1, with banks or financial institutions located outside the area of the Republic of Poland, with the proviso that the own funds of such banks or financial institutions amount to at least 200 000 000 euros.
3. The depositary shall be obliged to act, on behalf of the members of the fund, with an action against the company for the damage caused by the non-execution or improper performance by the company with the management of the fund and its representation.
4. The depositary shall ensure compliance with the law and the statute of the fund to perform the obligations of the fund referred to in paragraph 1. In accordance with Article 1 (1), paragraphs 2 to 3 and 5 to 6, at least by a permanent audit of the factual and legal acts of the fund and the compliance of those activities with the provisions of the law and the statutes of the Fund.
Article 160. [ Contract Content] 1. An agreement with the depositary for the storage of the assets of the fund should specify in detail the duties of the depositary and the fund, the manner of their execution, the remuneration of the depositary, the method of calculating the costs and the collection of fees charged to the fund, and also indicate the persons designated by the depositary directly responsible for the proper performance of the contract. The agreement may also specify, in particular, the amount of remuneration for the performance by the depositary of the function of the entity representing and managing the fund, as provided for in the Article. 64 par. 1, or the function of the fund's liquidator. The contract shall not limit the statutory obligations of the depositary.
2. The depositary shall be liable for any damage resulting from the non-performance or improper performance of the duties imposed by the Act.
3. The liability referred to in the paragraph. 2, may not be excluded or limited in the contract for the storage of the assets of the fund, nor by entrusts the holding of all or part of the assets of the fund to another entity.
4. The Fund or the depositary may terminate the contract for the storage of the assets of the fund by denunciation, the period of which shall not be less than 6 months. The termination of the contract and the reasons for the termination of the contract shall be notified without delay to the supervisory authority.
Article 161. [ Breach of duty] 1. If the depositary does not perform the obligations laid down in the contract for the storage of the assets of the fund, or does not perform such obligations:
(1) the Fund shall deliver an agreement by notifying the supervisory authority without delay of that fact;
2. the supervisory authority may order the funds to be amended by the depositary.
2. The Supervisory Authority may order the Fund to amend the depositary also where there has been a significant deterioration in the financial position of the depositary, jeopardising the security of the assets held by it.
3. The National Bank of Poland shall without delay inform the supervisory authority of any material deterioration of the financial situation of the bank performing the function of the depositary, referred to in paragraph. 2.
4. (repealed)
5. In the cases referred to in paragraph. 1 and 2, the denunciation may take place within a shorter period than that indicated in the Article. 160 (1) 4.
Article 162. [ Amendment of the Depositary] 1. In the event of a declaration of bankruptcy or the opening of the liquidation of the depositary, and in the event of a determination by the supervisory authority of the breach by the depositary of the terms of the contract in a way that endangers the security of the assets of the fund or the interests of its members the Fund shall immediately amend the depositary. In this case, the provision of the Article shall not apply. 160 (1) First sentence of 4.
2. Paragraph Recipe 1 shall apply mutatis mutandis where the depositary does not comply, within the time limit laid down in Article 4 (1), 158 (1) 3, to the requirements referred to in art. 158 (1) 1.
Article 163. [ Rules for the amendment of the depositary] 1. Each change to the depositary shall be effected in such a way as to ensure the uninterrupted performance of the assets holding the assets of the fund.
2. In the event of termination of the contract with the existing depositary, he should issue to the depositary, with whom the fund has concluded the contract, the stored assets of the fund and any documents relating to the performance of the duties set out in the paragraph. 1, within a period to be agreed by the parties, but without undue delay.
Article 164. [ Violation of members ' interests by the fund] 1. The depositary shall inform immediately the supervisory authority of any actions and omissions of the fund which, in its assessment, constitute a breach of the law, the provisions of the statutes of the fund, or cause the interests of the members of the fund to be not due consideration.
2. The depositary shall immediately inform the supervisory authority of the identified irregularities in the determination by the fund of the value of the net assets of the fund, the value of the settlement unit and the rate of the rate of return referred to in art. 166, 169 and 170.
Article 165. [ Exemption from executions] The assets of the fund held in the manner provided for in the provisions of this Chapter shall not be the subject of enforcement directed against the depositary or entities referred to in art. 159 par. 1 point 1 and do not form part of the bankruptcy mass of the depositary or of those entities and may not be covered by the arrangement procedure.
Chapter 17
Valuation of assets and calculation of the rate of return of pension funds
Article 166. [ Setting net asset value] The value of the net assets of the fund shall be determined by the Fund at each of the valuation dates referred to in Article 4. 168, and by state on that day, and reported to the supervisory authority.
Article 167. [ Settlement Unit Value] The valuation of the net assets of the fund shall be the basis for determining the value of the settlement unit in accordance with the provisions of Chapter 9.
Article 168. [ Quote Day] 1. In the case of an open fund and a voluntary fund, the day of valuation shall be each working day, except for Saturdays, and in the case of an employee of the fund, the last working day of each month.
2. The statute of an employee of the fund may specify other valuation days as well.
Article 169. [ Informing about the value of the entity] The value of the settlement unit shall be determined by the fund at each date of valuation and at the date of that day and shall be communicated to the supervisory authority and, in the case of open funds, to the news agency designated by the latter. by the supervisory authority.
Article 170. [ Rate of return] The open fund, which has received contributions for at least 36 months, shall fix the rate of return for the last 36 months at the end of March and September each year. The rate of return shall be communicated to the supervisory authority and on the public website.
Article 171. [ Informing the depositary] The Fund shall provide information on the quantities referred to in Article 4. 166, 169 and 170, to the depositary's messages as soon as they are drawn up.
Article 172. [ Rate of return] 1. The rate of return of the fund shall be expressed as a percentage of the ratio of the value of the settlement unit on the last working day of the trading month and the value of that unit on the last working day of the financial month preceding the period 36 months and the value of that unit on the last working day of the financial month preceding the 36-month period. The settlement month is March and September respectively.
2. The height of the rate of return, calculated on the basis of the mouth. 1, shall make public the supervisory authority.
Article 173. [ Weighted Average Rate Of Return] 1. The average weighted rate of return of all open funds for a period of 36 months shall be the sum of the product of the rate of return of each of the open funds referred to in art. 170, and the average market share ratio of the open fund concerned. The average market share of an open fund shall be an indicator of the arithmetic average of the market share ratio on the last working day of the month preceding the 36-month period and the market share ratio on the last working day of the month at the end of the 36-month period. The rate of participation in the open fund market on a specific date shall be the ratio of the net asset value of the fund and the net asset value of all open funds referred to in Article 4. 170, as per the day of calculation of the index.
2. If the rate of average market share of a fund is at least 15%, for the purpose of calculating the weighted average rate of return of all open funds:
1. an indicator of 15% shall be adopted for this Fund;
(2) indicators of the average market share of the other funds, calculated in accordance with paragraph 2. 1, they shall be increased proportionally so that the sum of the indices for these funds is the difference between the 100% figure and the product of the number of funds for which the average market share ratio is at least 15%, and a figure of 15%;
(3) where a larger rate of more than 15% should be applied to any of the Funds, as a result of the expansion of the market share ratios of the other funds, it shall be accepted for this fund by a rate of 15% and, again, enlarges the indicators for the remaining funds.
3. If the number of open funds for which the rate of return is determined in accordance with art. 172, not more than 6, the percentage of the market share for each of them shall be determined at the same level.
4. The amount of the weighted average rate of return of all open funds shall be made public by the supervisory authority.
Article 173a. [ Order Execution of Duty] The staff of the Fund may delegate in whole or in part to other entities the fulfilment of the obligations provided for in this Chapter.
Article 174. [ Delegation] The Council of Ministers shall determine by way of regulation:
1. detailed rules for the determination of the rate of return and the weighted average rate of return of all open funds, including rules for rounding up established volumes;
2) the manner and timing of the notification to the supervisory authority by an open fund of the rate of return of the fund and the manner and timing of the communication by an open fund of information of this rate at the public website;
3. the method of administration by the supervisory authority to the public of the weighted average rate of return of all open funds referred to in Article 3 (2) of the Financial Regulation. 173 (1) 1;
4) the manner and timing of the notification to the supervisory authority by the fund of the value of the net assets of the fund and the value of the settlement entity.
Chapter 18
Premium account and reserve account
Article 175. (repealed)
Article 176. (repealed)
Article 177. (repealed)
Article 178. (repealed)
Article 179. (repealed)
Article 180. (repealed)
Article 181. [ Reserve Account] 1. Open fund opens a reserve account.
2. Measures on the reserve account referred to in paragraph. 1, they form part of the assets of the fund and shall be converted into settlement units.
3. Upon a company that does not transfer funds to the reserve account, in accordance with art. 182a ust. 5, the supervisory authority may impose a pecuniary penalty of up to PLN 500 000.
Article 181a. [ Withdrawal of measures] 1. The common company may withdraw the funds collected on the reserve account on the last working day of April or the last working day of October, provided that the rate of return of the fund managed by this company for the last period of 72 months, ending on the last working day preceding the month, calculated on the basis of the rules laid down in Article It was not lower than the growth rate of the consumer goods and services prices for the last 72 months, in March compared to March 6 years ago, and in September compared to September 6 years ago.
Measures not withdrawn by the common company as a result of non-compliance with the condition referred to in paragraph 1 (a). 1, shall be transferred to the open fund.
2. The indicator referred to in paragraph. 1, is advertised by the President of the Central Statistical Office in the form of a communication in the Official Journal of the Republic of Poland "Monitor Polski" until 20 April and by 20 October.
Article 182. [ Exemption from executions] There must be no enforcement against the general company from the funds on the reserve account.
Art. 182a. [ Measures in the Pre-Prime Account] 1. An open fund shall transfer from its assets to the universal company the funds in an amount not higher on a monthly basis than 0.005% of the value of the net assets under management of the fund. This amount shall be calculated per day on which the net asset value of the fund is determined and paid on the last working day of each month. A common company no later than on the first working day of the following month shall deposit this amount into a premium account.
2. An open fund shall open a premium account on which the funds referred to in paragraph 1 are held. 1. These measures shall form part of the assets of the fund and shall be converted into settlement units.
3. On the first working day from the date of application by the supervisory authority to the public, the weighted average return of all open funds shall:
1) the fund management company which has obtained the highest rate of return shall acquire the right to withdraw in accordance with art. 181a of all funds collected in the premium account;
2. the fund manager, who has obtained the lowest rate of return, shall immediately forward all the funds collected in the premium account to the open fund;
3) the management companies of the other funds shall be entitled to withdraw in accordance with Article 3. 181a of the part of the funds collected in the premium account, the product of all the funds collected in the premium account and the percentage of the premium rate referred to in paragraph 1 (2) of the said paragraph. 4, and the remaining amount shall be transferred immediately to the open fund.
(4) The percentage premium rate shall be calculated as the ratio of the difference between the rates of return received by the fund and the fund referred to in paragraph 4. Article 3 (2), and the difference between the rates of return received by the fund referred to in paragraph 3 (2) (a), Article 3 (1), and the Fund referred to in paragraph 3. 3 point 2.
5. The funds collected in the bonus account, to which the common company acquired the entitlement to withdraw in accordance with art. 181a on the basis of the mouth. Points 1 and 3 shall be transferred immediately to the reserve account referred to in Article 3 (3). 181 par. 1.
Article 183. (repealed)
Chapter 19
Guarantee Fund
Article 184. [ Guarantee Fund] A Guarantee Fund is established, the administrator of which is the National Depository.
Article 185. [ Revenue] 1. The contributions of the Guarantee Fund are obligatory contributions made by the common company with its own funds, revenues from the placement of the Guarantee Fund's funds and other revenues obtained as a result of administration by the National Depository.
2. The payment of the universal company to the Guarantee Fund shall be defined as a percentage, identical to all open funds, of the net assets of the open fund managed by that company.
3. The funds of the Guarantee Fund shall not be subject to the execution of the assets of the universal company.
4. The Council of Ministers shall determine by way of regulation:
1) the amount of the contributions paid to the Guarantee Fund, with the fact that the total value of the funds of the Guarantee Fund may not exceed 0.3% of the net asset value of all open funds, unless the value of the liabilities of the Guarantee Fund against open funds exceeds this size,
2) the manner and mode of payment of the payment to the Guarantee Fund,
3) the manner and mode of operation of the Guarantee Fund, including the placement of its funds,
4) the way of managing the funds of the Guarantee Fund, the amount of fees paid to the National Depository for the administration of the Guarantee Fund and the modality of their submission,
5) the conditions and modalities for making payments from the Guarantee Fund and their reimbursement to the general public, as well as the way in which settlements are made with the common companies which have ceased to make payments as a result of the termination of their activities determined by statute
-having regard to the objectives pursued by the measures to be collected in the Guarantee Fund.
Article 186. (repealed)
Article 187. [ Payments] The funds of the Guarantee Fund are covered by the damage referred to in art. 48 (1) 1, to the extent that the common company is not responsible for the liability, or the damage shall not be covered by its bankruptcy.
Article 188. [ Society's income] The payments returned from the Guarantee Fund constitute the income of the general company within the meaning of the corporate tax regulations.
Art. 188a. [ Annual Report] 1. The annual accounts of the Guarantee Fund shall be drawn up by the National Depository.
2. Examination and approval of the financial statements of the Guarantee Fund shall follow the rules laid down for the examination and approval of the annual accounts of the National Depository.
Art. 188b. [ Activity Report] The National Depository shall submit to the Supervisory Authority an annual report on the activities of the National Depository for the administration of the Guarantee Fund.
Chapter 20
Information obligations for pension funds
Article 189. [ Information prospectus] 1. An open fund and voluntary fund shall be required, once a year, to publish a prospectus in the national journal intended for the fund's announcements.
2. The fund's information prospectus should contain its statutes, information on the results of the fund's investment activity and the approved annual financial statements of the fund.
3. An information prospectus of an open fund should also include a statement of the principles of investment policy and the investment objective of the fund, together with an indication of the indicators to be compared to the funds achieved by the return rate fund.
Article 190. [ Availability of a prospectus] 1. An open fund and a voluntary fund shall make available the information prospectus to any person who lodges an application for admission to the fund, before the conclusion of the contract with the fund.
2. The open fund and the voluntary fund shall make available the information prospectus, together with the last half-yearly financial statements, also on any request by a member.
3. The information prospectus and the half-yearly and annual financial statements should be submitted to the Supervisory Authority as soon as they are drawn up and the annual accounts-also after their approval by the common company by way of a resolution the General Assembly.
Article 191. [ Written information] 1. The Fund shall send to each member of the fund, at regular intervals, not less frequently than every 12 months, information on the funds held in the member's account, the dates made during that period of contributions of contributions and transfers of transfers and the conversion of those contributions and transfer payments into the settlement units, the results of the fund's investment activities, and the investment policy and investment objectives of the fund, together with the indicators to which they are compared. by the Return Rate Fund. The information shall be sent in mode and form agreed with the member of the Fund. The modes and forms of transmission of the information that may be used in a given fund shall be determined by the statutes thereof.
1a. In the information referred to in paragraph 1, 1, the open fund shall also include the following information:
(1) the return rate of an open fund;
2) the amount of the fees referred to in art. 134 (1) 1, and the costs referred to in art. 136 1, 2a and 2b;
3) a description of the investment risk associated with the membership of an open fund.
1b. An open fund shall send to the fund member the information, in the form and form agreed with the fund member on the basis of the paragraph. 1, of the commencement of the transfer of funds collected in the member's account in connection with the completion by a member of the lower age of 10 years from the retirement age and the way in which the funds are transferred.
2. In the event of a dispute, the burden of proof of the provision of the information referred to in paragraph. 1 and 1b, it is the fund.
Article 192. [ Information on the value of the measures] 1. The Fund shall be obliged, at the request of a member, to provide it with information specifying the monetary value of the funds collected on its account in the mode and form determined on the basis of art. 191 (1) 1 second sentence.
2. (repealed)
3. (repealed)
Article 193. [ Activation of asset information] 1. The Fund shall provide information on the structure of its assets, subject to the paragraph. 2-4.
2. The fund shall, at monthly intervals, make available data on which part of the assets are placed in the individual categories of deposits as provided for in Chapter 15, as at the last valuation date of the month in question.
3. At the intervals of the half-yearly open fund, it shall provide data on what value and how much of the assets of the fund have been placed in individual deposits, indicating the issuer of the individual securities, according to the status of the last day valuations falling within the last month of each half-year period, provided that only investments representing at least 1% of the value of the assets of the Fund may relate to the half-yearly period.
4. Full information on the structure of the assets of the open fund, the employee fund and the voluntary fund, taking into account also the investments of less than 1% of the value of the fund's assets, shall be made available at the end of each annual period.
Article 194. [ Information for the supervisory authority] 1. The information referred to in art. 193 2-4, the open fund shall transmit immediately to the supervisory authority and publish on the public website.
2. The staff of the fund shall immediately communicate the information referred to in Article 3 (2). 193 4, to the supervisory authority and to the shareholders of the employee of the management company of the fund.
3. Voluntary fund shall immediately transmit the information referred to in art. 193 4, to the supervisory authority and publish on a public website.
Art. 194a. [ Declaration of the Fund's investment policy principles] 1. Voluntary fund and employee fund shall be required to prepare the statement of the fund's investment policy principles.
2. The declaration shall include at least the presentation of the methods of risk assessment and risk management procedures as well as the rules for the allocation of funds in securities.
3. Voluntary fund and employee fund shall transmit the declaration to the Supervisory Authority every 3 years or immediately after the relevant changes to the fund's investment policy have been introduced.
4. Voluntary fund and employee fund shall be required to forward to the Supervisory Authority for the first time a declaration within 6 months from the date of the first contribution to the Fund.
5. Voluntary fund and employee fund shall also transmit the declaration to the written request of the member.
Article 195. [ Periodic reports] The Society and the Fund are obliged to provide the Supervisory Authority with periodic reports and the current information on their activities and financial situation.
Article 196. [ Delegation] The Council of Ministers shall determine by way of regulation:
(1) the specific conditions to which the prospectus should comply and the information referred to in Article 191 (1) 1,
2. the manner and timing of the provision of the information prospectus and the time limit for the transmission of the information referred to in Article 3 (2). 191-193,
3) the scope of the reports and current information provided by the company and the fund to the supervisory authority and deadlines for the transmission of these reports and information
-having regard to the completeness and accuracy requirements of the information concerning the operation of the Funds.
Article 197. [ Reliability of information] 1. Information about an open fund, voluntary fund or company made available or disseminated publicly by a common society or on behalf of a universal company, and for the benefit of a universal company, an open fund or the voluntary fund, as well as the fund's employee information made available by the employee society should understandably, objectively and fairly present the financial position of the fund or the company, as well as the risks associated with the to join the fund and to remain a member of the fund.
2. An advertisement for an open fund containing information which does not meet the requirements of the paragraph shall be prohibited. 1, or introducing or likely to mislead, which could have an impact on the purpose of prompting anyone to join an open fund or remain in it.
3. If the fund or the company or the advertisement is publicly available or disseminated, the requirements set out in the paragraph shall be infringed. On the basis of an administrative decision, 1 or 2, the supervisory authority shall prohibit the company or the body acting for the benefit of the company or the fund for its provision or distribution to the public.
4. In the administrative decision referred to in paragraph 1. 3, at the same time, the announcement or the making available of the content and form indicated by the supervisory authority and the time limit indicated by the supervisory authority shall be made available.
5. The administrative decision referred to in paragraph 5. 3, a rigor is suitable for immediate feasibility.
6. Where the prohibition referred to in paragraph 1 is prohibited. 3, or the order referred to in paragraph. 4, it shall not be executed, the supervisory authority imposes on the company or entity acting for the benefit of the company or fund a cash penalty of up to PLN 3,000,000 and at the expense of the company makes available or disseminates the public the corrigendum, of which Paragraph 1. 4, in a manner and form adequate to the extent and scope of the breach of the requirements set out in the paragraph. 1 and 2.
Art. 197a. [ Prohibition of advertising] 1. (lost power)
2. For advertising shall not be considered to be posted on the website of an open fund of information referred to in art. 191 (1) 1 and 1a.
3. In case of violation of the prohibition set out in paragraph 1 the supervisory authority, by way of an administrative decision, instructs the company or entity acting for the benefit of the company or the fund to cease that infringement and impose a penalty on the company or entity acting in favour of the company or fund. cash in the amount from 1 000 000 PLN to 3,000,000 PLN.
4. The administrative decision referred to in paragraph 4. 3, a rigor is suitable for immediate feasibility.
Article 198. [ Penalty of money] If the company, fund or depositary does not comply with the obligations laid down in the law for the transfer of information to the supervisory authority or members of the fund, the supervisory authority may impose a financial penalty on the company or the depositary. up to 3 000 000 PLN.
Chapter 21
Supervision of the activities of pension funds
Article 199. (repealed)
Article 200. [ The tasks of the supervisory authority] 1. (repealed)
2. The task of the supervisory authority shall be:
1) supervise the supervision of the activities of the Funds;
1a) analysis of the shape of the pension market in the scope of open funds, voluntary funds, occupational pension schemes, IKE and IKZE in Poland, the level of protection of the interests of members of pension funds and employee participants pension schemes, risks to competition in the market for open pension funds, the development of voluntary and capital pension savings, maximising the level of pension savings and submitting proposals for appropriate changes the provisions of law in this respect;
2) (repealed)
3. exercise supervision over the functioning of occupational pension schemes;
4) to deepen the public's knowledge on the objectives and principles of the activities of the Funds, with particular regard to the rights of their members;
5) to deepen the public's knowledge of the objectives and principles of the functioning of occupational pension schemes, with particular regard to the rights of participants in such programmes;
6) cooperation with the authorities of the governmental administration, National Bank of Poland, Social Insurance Company, associations, entities acting for the benefit of funds and unions of employers, trade unions and other social organizations in the field of state policy making provision for the safe development of funds and occupational retirement provision;
7) providing information to the National Bank of Poland to the extent necessary for the exercise of supervision of banks acting as depositaries and banks which are shareholders of the company;
8) (repealed)
8a) cooperate with foreign supervisory authorities in carrying out cross-border activities of institutions for occupational retirement provision and supervision of these institutions;
9) take other actions provided for by the provisions of this Act.
Article 200a. (repealed)
Article 201. (repealed)
Article 202. [ Implementation of the decision] 1. (repealed)
2. (repealed)
3. An application for reconsideration by the supervisory authority shall not suspend the execution of the decision of the supervisory authority to withdraw the authorisation to create the company, if the withdrawal of the permit occurs for other reasons than those specified in the art. 61.
(3a) The supervisory authority may grant an administrative decision to the rigor immediately enforceability, even if the interest of the members of the pension funds or of the participants in occupational pension schemes so requires.
4. When determining the amount of the monetary penalty imposed on the basis of the provisions of the Act, the supervisory authority shall take into account the nature and gravity of the irregularities found.
Article 203. (repealed)
Article 204. [ Permissions] 1. As part of the supervision of the activities of the funds, the supervisory authority shall be entitled in particular to:
1) requests made by the company to make copies of documents relating to the activities of the fund or the company and to familiarize themselves with their content;
2) the request of any information and explanations concerning the activities of the fund or the company, from the members of the management board, the supervisory board, the employees of the company and other persons associated with the company or the fund of the contract, the contract of work or other a legal relationship of a similar nature;
3. requests made available by the depositary or by a third party to whom the fund or company has entrusted the performance of certain acts, any information, documents and explanations concerning the activities performed for the fund or company.
2. The supervisory authority shall, following the written request referred to in paragraph 1, be referred to in paragraph 2. 1, indicates the date of its implementation.
3. In the event of a statement, on the basis of the information obtained, the explanations and documents referred to in the paragraph. 1, in cases of breaches of the law or of the interest of the members of the fund, the supervisory authority shall inform the company, the depositary or the third party whose fund or company has entrusted the performance of certain acts, of the irregularity identified and shall set a time limit for their removal.
4. The Society, a depositary or a third party whose fund or company has entrusted the performance of certain activities may within 7 days from the date of notification of the notification to the written notice to report the motivated objections to the content of the notification.
4a. If the company, the depositary or the third party to whom the fund or association has entrusted the performance of certain acts, shall set aside the time limit referred to in paragraph 1. 4. The supervisory authority may, at the request of the person concerned, restore that period The deadline may be reinstated if the person concerned is likely to have failed to do so without his or her fault. The supervisory authority shall inform the person concerned in writing that the time limit has been reinstated or refusing to restore it.
(5) The supervisory authority shall, after the examination of objections, inform the company, the depositary or the third party whose fund or company has entrusted the exercise of certain activities, of the manner in which they are dealt with. In the notification of reservations, the supervisory authority may:
1) take into account the reservations in whole or in part and make an appropriate change in the content of the notification;
2) do not take into account the reservations if they are unfounded.
6. Where reservations have been made in accordance with paragraph 1. 4, the time limit for the removal of the irregularity referred to in paragraph 4. 3, shall be counted from the date on which the notification of the objection has been notified.
7. Within 3 days from the date of expiry of the time limit set for the removal of irregularities, the company, the depositary or the third party to which the notification is addressed, shall inform the supervisory authority in writing about the manner of removal of the irregularity.
8. In the event of failure to remedy the irregularities within the prescribed period, the supervisory authority may impose upon the company, the depositary or a third party whose fund or company has entrusted the execution of certain activities, a penalty payment of up to 500 000 PLN.
9. In the case of a statement on the basis of the information obtained, the explanations or documents referred to in the paragraph. 1, a flagrant violation of the law or a flagrant breach of the interest of the members of the Funds, the supervisory authority may impose on the company, the depositary or a third party whose fund or company has entrusted the performance of certain activities, the penalty payment in up to 500 000 PLN, immediately after the determination of these violations.
Art. 204a. [ Control of the Fund's activities] 1. The supervisory authority may carry out a check on the activities of the fund, the company, the depositary, and the third party whose fund or company has entrusted the performance of certain activities.
2. The person authorized by the supervisory authority shall have the right of access to the premises:
1) company-in order to verify whether the activity of the company or fund is lawful, the statutes of the company or the fund or the interest of the members of the fund;
2) a depositary-to verify whether its activities related to the storage of the assets of the fund are lawful or with the agreement to store the fund's assets or the interest of the members of the fund;
(3) a third party whose fund or association has entrusted the performance of certain activities, in order to verify whether its activities relating to the performance of certain activities for the benefit of a fund or of the company are in accordance with the law or interest of the members of the fund
3. The inspecting person shall have the right:
1) inspection of any books, documents and other media of information;
2) requests for drawing up and issuing copies of these documents and media of information;
3) requests for information by the members of the statutory authorities, employees of the controlled entrepreneur or entities or other persons connected with the controlled entrepreneur or entity by contract of the order, contract of work or other relations legal of a similar nature;
4) requests to secure documents and other evidence.
4. The control activities undertaken by the employees of the Office of the Financial Supervision Authority shall be carried out upon presentation of the official identity card and the service of the authorization issued by the supervisory authority.
5. The controller shall carry out at least two controls.
6. The authorisation referred to in paragraph 1. 4, shall contain at least:
1) an indication of the legal basis;
2. designation of the control authority;
(3) the date and place of issue;
4. the name of the official of the control authority authorized to carry out the checks and the number of his official ID card;
5) an indication of the person directing the control;
6) the company's business or the name of the subject under control;
7) the definition of the scope of the control;
8) indication of the start date and the expected date of completion of the check;
(9) the signature of the person granting the authorisation, stating the position or function of the person concerned;
10) lecture on the rights and obligations of the controlled entrepreneur or entity.
(7) The change in the scope of this control, the time limit and the staff member of the inspection body concerned shall require a new authorisation to carry out the The provisions of the paragraph 4 shall apply mutatis mutandis.
(8) The authorization to carry out the control of the controlled undertaking shall be served by the operator or operator concerned at the latest before the inspection of the first inspection.
Article 204b. [ Notification of irregularities] 1. Notification as referred to in art. 204 par. 3 and Art. 204j ust. 1, it shall contain:
1. designation of the supervisory authority;
2. date of issue;
3) the designation of the entity to which the notification is addressed;
4) an indication of the irregularities found and the time limit for their removal;
5) factual and legal justification;
6) instructing the right to raise objections;
7) instruction on the content of art. 204 par. 8;
8. the signature, stating the name and official position of the person authorised to issue the notification.
2. The notification referred to in paragraph 2. 1, and the notification of the examination of the reservations referred to in art. 204 par. 5, is a supervisory task which does not resolve the substance of any matter, nor does it concern the powers or obligations arising from the law.
3. In the event of bringing a complaint to the administrative court for the administrative decision referred to in art. 204 par. 8, the administrative court may withhold its execution, even if the applicant is prima facie evidence that the assessment of the activities of the company, the depositary or the third party to whom the fund or company has entrusted the exercise of certain activities, concluded in the notification referred to in Article 204 par. 3 or Article 204j ust. 1, grossly violates the law.
Art. 204c. [ Penalty of money] If the company or fund carries out activities in violation of the law, the statutes or a gross violation of the interests of the members of the fund, the supervisory authority may impose a penalty on a member of the management board of the pension society responsible for these infringements. the amount of that person's gross monthly remuneration, calculated on the basis of the salary for the last three months before the imposition of the penalty, irrespective of any other supervisory measures provided for by the law.
Art. 204d. [ Exclusion of control from participation in control] 1. The controller shall be exempted from participation in the control if the findings of the check could affect his or her rights or obligations or the rights or obligations of his or her spouse or persons in fact in the common loan, relatives and It should be the second degree or the person associated with it for adoption, care or guardianage.
2. Reasons for the exclusion of the inspection shall be carried out in spite of the cessation of marriage, joint-life, adoption, care or guardianer.
3. The controversial may also be excluded in the event of any other causes which could give rise to doubts as to its impartiality.
4. If the circumstances referred to in paragraph 1 1 and 3, shall be disclosed in the course of the inspection and shall refrain from further action and shall immediately inform the supervisory authority thereof.
5. The combined inspection shall only take urgent action on the grounds of public interest or the interest of the controlled entity.
6. The exclusion from participation in the audit shall be decided by the supervisory authority either on the basis of a request from the audited operator or by the entity or at the request of the inspection body.
7. The supervisory authority, when it decides to exclude the inspection, shall complement the inspection structure. Article Recipe Paragraph 204a (1) 7 shall apply mutatis mutandis.
Art. 204e. [ Audit activities on controlled premises] 1. Control shall be carried out at the premises of the inspected entrepreneur or entity, or at the place of business, during business hours or at the time of the actual exercise of the activity by the controlled entrepreneur or entity.
2. Control or individual control activities, with the consent of the operator or entity controlled, may also be carried out at the premises of the body, if this can improve the conduct of the inspection.
3. A controlled entrepreneur or entity shall ensure that the conditions and measures necessary for the smooth operation of the control are controlled and, in particular, provide technical facilities and, where possible, separate premises with appropriate equipment.
4. The controlled entrepreneur or the manager of the entity or the person authorized by them may participate in the activities referred to in art. Paragraph 204a (1) 3 point 3.
(5) During the audit period, the operator or entity shall carry out the duties referred to in Article 3. Paragraph 204a (1) 3, within the time limits and forms indicated by the supervising control or the replacement of another inspection.
Art. 204f. [ Evidence] 1. The control arrangements shall be made on the basis of evidence.
2. The evidence shall include:
1) documents;
2) the data and information contained in the IT systems of the controlled entrepreneur or entity;
3) information provided by the persons referred to in art. Paragraph 204a (1) 3 point 3;
4) the statements of third parties;
5) results of visual inspection;
6. other materials which may contribute to the determination of the facts in the area covered by the control.
(3) Written information drawn up by a controlled undertaking or by an entity for the purpose of carrying out an inspection should be signed by the persons authorised to draw up them. In the case of refusal of signature, the inspection shall draw up an appropriate annotation.
4. Compliance with the original of the writings, photocopies and extracts from the documents shall be confirmed by the person authorized to represent the controlled entrepreneur or entity.
5. In the event of danger of loss of evidence, the control or replacement of the evidence may indicate the means of securing evidence by storing them in the place of business by a controlled entrepreneur or by the operator in a separate, closed and sealed room.
6. The release of the evidence from the security shall be determined by the control or the replacement of the other inspection.
Art. 204g. [ Audit Log] 1. The person carrying out the check shall be obliged to draw up and sign the audit protocol on the activities carried out. The protocol shall be signed by a controlled entrepreneur or entity, or by a person authorised to represent them.
2. The Protocol shall include in particular:
1) the company and the address of the controlled entrepreneur or the name and registered office of the controlled entity;
(2) the names and positions of the inspection services;
3) an indication of the person directing the control;
4. the number and date of the authorization to carry out the checks;
5. the names and official positions of the persons making the statements and providing information in the course of the inspection;
6) determination of the subject matter and scope of control;
7) a description of the activities carried out and the establishment of the facts
8) mention of informing the controlled entity of its rights and obligations, by instructing the law, the manner and timing of the statement of objections to the findings contained in the audit protocol;
9. the list of the Annexes, specifying the name of each Annex;
10) the date and place of preparation of the Protocol.
Art. 204h. [ Receive Protocol] 1. The control protocol shall be drawn up in two duplicate copies, one of which the control copy, or the other controlling copy, shall be forwarded to the inspected undertaking or entity.
2. The person authorized to represent the controlled entrepreneur or entity shall acknowledge receipt of the protocol by placing a written statement in the protocol.
3. The driver or entity, or the person by whom it is authorised, shall be initialled by another controlling and controlled undertaking or by the person responsible for control of each side of the minutes.
4. If a controlled entrepreneur or entity refuses or is abrogating from the receipt of a control protocol, the supervisory authority shall invite a written subject of control to submit a statement of receipt of the protocol, setting a time limit of not less than 7 days on To do this. In the event of an unsuccessfully expiry of the prescribed period, the minutes shall be deemed to have been received on the last day of that date.
5. No corrections and dopisks shall be made in the protocol after the acknowledgement of receipt of the audit protocol.
6. The obvious clerical or accounting erroneous errands shall be straightening the control or replacing it by another, paraphrasing the straightening. The supervisory authority with the rectification of obvious errors shall inform the controlled entity in writing.
Art. 204i. [ Reservations and comments on the contents of the protocol and in matters covered by the audit] 1. Within 14 days from the date of acknowledgement of receipt of the control protocol, the inspected entrepreneur or the operator may notify the supervisory authority in writing, motivated reservations and comments on the content of the protocol and the position on matters falling within the scope of the control.
2. The manner of consideration shall be given to the inspected operator or the entity within 14 days of the date of notification of the objections.
Art. 204j. [ Irregularities detected during inspection] 1. After the signature of the audit protocol, the supervisory authority shall notify the inspected entrepreneur in writing or the entity of the irregularity identified and shall set a time limit for their removal. The provisions of Article 4 204 par. 4-8 shall apply mutatis mutandis.
2. In the case of a statement as a result of the audit of gross irregularities, the supervisory authority may impose on a controlled entrepreneur or entity a cash penalty of up to PLN 500 000, immediately after they have been established.
Article 205. [ Complaint for the Fund] 1. A member may bring a complaint to the supervisory authority for a fund if he considers that the activity of this fund is incompatible with the provisions of the law or the provisions of the statutes of the fund.
2. A complaint to the fund may also be lodged by a person who was previously a member of the fund during the 6 months preceding the lodging of the complaint.
3. On behalf of a group of members, a complaint against the fund may also bring to the supervisory authority a social organisation whose task is not to carry out its business activities.
Article 206. [ Convening the Fund's bodies] 1. The Supervisory Authority may request the convening of a meeting of the Management Board, the Supervisory Board or the General Meeting of Shareholders of the Society and the placement of individual cases on the agenda of those bodies, if it deems it necessary for the proper exercise of the supervising the activities of the fund or the company.
2. In the cases referred to in paragraph. 1, the supervisory authority delegates its representative to attend a meeting of the management board, the supervisory board or the general meeting of the shareholders of the company which is entitled to speak on matters covered by the agenda of these bodies.
3. The supervisory authority in the written notice shall request the request referred to in paragraph 1. 1, specifying the time limit before the expiry of the meeting of the Management Board, the Supervisory Board or the General Assembly of Shareholders of the Society should take place. The time limit shall not be less than 30 days from the date of service of the call.
4. The Society shall be obliged to inform the Supervisory Authority of the set date of the meeting without delay.
5. If within 14 days from the date of service of the call, the date of the meeting of the board, supervisory board or general meeting of shareholders of the company will not be established or will be determined in violation of the time limit specified in the notice, the authority of supervision may convene a meeting of the Management Board, the Supervisory Board or the General Meeting of Shareholders of the Society at the expense of the company.
Article 207. (repealed)
Art. 207a. [ Participant of the registration procedure] The supervisory authority may be a participant in the register proceedings concerning the pension company or the pension fund.
Art. 207b. [ Information on the requirements for the activities of occupational pension funds] The Supervisory Authority shall inform the European Insurance and Occupational Pensions Authority at least once every two years of the information in Polish law applicable to the activities of occupational pension funds.
Article 208. (repealed)
Article 209. (repealed)
Article 210. [ Application of provisions] To the President of the Committee on Financial Supervision, its Substitutes, the Members of the Commission, the staff of the Office of the Commission and the persons employed at the Office of the Commission on the basis of a contract of work, contract contracts or other similar agreements shall apply. Accordingly, the provisions of Article 49.
Article 211. (repealed)
Article 212. (repealed)
Article 213. (repealed)
Article 214. (repealed)
Chapter 22
Penal provisions
Article 215. [ Use of prohibited terms] Who is not entitled to this use in the name (company) or for the definition of his business or in the advertising of the terms referred to in art. 10 para. 2 or Article 28 para. 1,
shall be subject to a fine of up to 1 000 000 PLN or a custodial sentence of up to 2 years.
Article 216. [ Pursuit of activities without authorisation] Who without the required authorisation shall carry out the activities referred to in Article 2. 2 or 3 or art. 29 par. 1,
shall be subject to a fine of up to PLN 5,000,000 or a custodial sentence of up to 5 years.
Article 217. [ Responsibility for making investment decisions posing a threat to the interests of a member of the fund] Who, when making investment decisions on the account of the fund, is in breach of the requirements relating to the activities of the fund as defined in this Act, which creates a threat to the interests of the member of the fund,
is subject to a fine of up to 1 000 000 PLN.
Article 218. [ Responsibility for giving untrue or withheld real data in the information prospectus] 1. Who, being responsible for the information contained in the information prospectus, gives the untrue or withheld the real data, affecting the content of the information in an important way,
shall be subject to a fine of up to PLN 5,000,000 or a custodial sentence of up to the age of 3.
2. Who, being responsible for other information made available to the members of the fund or the supervisory authority, in accordance with the provisions of this Act, shall be allowed to act as referred to in the paragraph. 1,
is subject to a fine of up to 1 000 000 PLN.
Article 219. [ Actions prohibited from inducing an open fund or remaining a member of the fund] 1. Who, contrary to the prohibition laid down in the Article, 92 (1) 1 conducts an acquisition activity consisting of activities aimed at inducing anyone to join an open fund or to remain a member of that fund, or in the course of that activity, offers the additional provision specified in this provision material benefits or uses the relationship of the parent resulting from the employment relationship or any other legal relationship on which the business relationship or other dependency of a similar nature is based, in order to induge accession to the open the fund or to remain a member,
is subject to a fine of up to 1 000 000 PLN.
2. The same penalty shall be subject to who, conducting the activities referred to in art. 92 (1) 2, offers additional material benefits in exchange for joining a particular open fund or for remaining a member.
Art. 219a. (repealed)
Article 220. [ Liability for breaches of the obligation of professional secrecy] 1. Who, being obliged to keep a professional secret concerning the activities of the fund, shall disclose it or use it,
shall be subject to a fine of up to 1 000 000 PLN or a custodial sentence of up to the age of 3.
2. If the perpetrator is permitted to act as referred to in paragraph. 1 in order to achieve a property or personal gain,
shall be subject to a fine of up to PLN 5,000,000 or a custodial sentence of up to 5 years.
Article 221. (repealed)
Article 222. [ Liability for admission of acts prohibited on behalf of a legal person] Criminal liability provided for in the provisions of Article 215-220 shall also be subject to the admits of the acts referred to in those provisions, acting on behalf of the legal person.
Chapter 23
Amendments to the provisions in force
Article 223. (bypassed)
Article 224. (bypassed)
Article 225. (bypassed)
Article 226. (bypassed)
Article 227. (bypassed)
Article 228. (bypassed)
Chapter 24
Transitional and final provisions
Article 229. (repealed)
Article 230. (bypassed)
Article 230a. (bypassed)
Article 231. [ Entry into force] The Act shall enter into force on 1 April 1999, with the exception of:
1. 199-214 and art. 230, which shall enter into force on 1 May 1998;
2. Article 1-60, art. 92-94, art. 152, art. 157-164, art. 197, art. 215-222 and art. 230a, which shall enter into force on 1 August 1998;
3. Article 81-85, art. 90, art. 98 and art. 189-190, which shall enter into force on 1 March 1999.
1) This Act shall be subject to its regulation of the implementation of Directive 2003 /41/EC of 3 June 2003. on the activities of institutions for occupational retirement provision and the supervision of such institutions (Dz. Urz. EC L 235, 23.09.2003).
The data relating to the publication of the acts of the European Union, as set out in this Act, on the date of accession by the Republic of Poland of membership of the European Union, shall refer to the publication of those acts in the Official Journal of the European Union. Special
[ 1] Nowadays art. 14 contains a breakdown by paragraphs; 1 divides into points.
[ 2] Repealed by Art. 50 point 12 of the Act of 1 March 2002. changes in the organisation and functioning of the central authorities of government administration and subordinated units and on the change of some laws (Dz. U. Nr 25, pos. 253), which entered into force on 1 April 2002.
[ 3] Repealed by Art. 126 point 24 of the Law of 28 July 2005. with legal costs in civil matters (Dz. U. No 167, pos. 1398), which entered into force on 2 March 2006.
[ 4] Nowadays art. 477 1 Does not include splitting into paragraphs.
[ 5] Nowadays art. 20 does not contain paragraph 3.
[ 6] Article 152 (1) 1 in the wording set by Article 1. 11 of the Act of 31 March 2016. to amend the Act on Investment Funds and certain other laws (Journal of Laws of the 615). The amendment came into force on 4 June 2016.
