Government Regulation No. 11 / 2014 Coll.
Government Regulation amending Government Regulation No 243 / 2013 Coll., on investment funds and on techniques for their management
Valid
Effective from 01.02.2014
11
GOVERNMENT REGULATION
of 15 January 2014
amending Government Regulation No 243 / 2013 Coll., on investment of investment funds and on techniques for their management
The Government orders the implementation of Act No. 240 / 2013 Coll., on Investment Companies and Investment Funds:
Government Regulation No 243 / 2013 Coll., on investment of investment funds and on techniques for their management, is amended as follows:
1. in Articles 17 (2) (b), 19 (2) (a) and 20 (1) and (4), the word "member" shall be inserted after the word "whole."
2. In Paragraph 19 (2) (b), the words "Member State 'are replaced by the words" one or more Member States'.
3. In Section 20, the words "securities or book-entry securities issued 'are replaced by" investment securities or money market instruments issued or guaranteed'.
4. In Paragraph 20 (1), the words "securities or book-entry securities' are replaced by" investment securities or money market instruments' and the words "Member State 'are replaced by the words" one or more Member States'.
5. In Article 47 (1), at the end of the text of point (a), the word "a 'is replaced by a comma and the following point (b) is inserted after point (a):
"(b) in accordance with the fund's statute or comparable document which issued that security or book-entry paper, the fund shall invest no more than 10% of the value of its assets in securities and book-entry securities issued by collective investment funds or comparable foreign investment funds;"
Point (b) shall be renumbered (c).
6. In Article 47 (1), the words "or it is ensured that the price of such securities or book-entry securities on the market referred to in Article 3 (1) (a) does not deviate significantly from their current value 'shall be added at the end of the text in point (c).
7. In Paragraph 52 (2), the word 'cannot' is replaced by 'may' and at the end of the text of paragraph 2, the words' only under the conditions and for the reasons set out in the investment strategy of each of these sub-funds in their statutes' are added.
8. In Paragraph 56 (1), the words "for the purpose of accepting a loan 'are replaced by the words" if there is a debt in the assets of this fund to be secured by this lien'.
9. in Article 57 (1) (d), "56, 68, 70 (4), 73 and 74" shall be replaced by "and 56."
10. In Article 60, the following paragraphs 3 and 4 are added:
"(3) Article 17 (2) (b) and Article 20 (1), (3) and (4) shall apply mutatis mutandis to the acquisition of investment securities or money market instruments which have been issued or for which the State has taken over the guarantee, the territorial unit of a Member State or an international financial organisation of which one or more Member States is a member.
(4) For the acquisition of bonds issued by one bank, one savings and credit cooperative or one foreign bank having its head office in a Member State and subject to the supervision of that State, protecting the interests of the holders of bonds, where the money obtained by the issue of such bonds is invested in those types of assets which, by the maturity date of the bonds, cover the obligations of the issuer of such bonds and which, in the event of insolvency of the issuer, may preferably be used for the repayment of the bond and for the payment of the proceeds, in the assets of the special fund, Article 17 (2) (c) shall apply mutatis mutandis. '
11. in § 61, the words "§ 19 applies" shall be replaced by "§ 18 and 19 apply."
12. In Article 71 (2) of the Introductory Part of the provision, the words "with a maturity of more than 6 months' shall be inserted after the word" loan '.
13. in Paragraph 73 (1), "50" is replaced by "100."
14. in Paragraph 74 (4), "25" is replaced by "55."
15. in § 90 (1) of the introductory part of the provision, § 91 (1) and in § 95 (1) and (2), "30" is replaced by "35."
16. in Paragraph 90 (1) (a), "one" is replaced by "the same."
17. in Article 90 (1) (b) and (c) and in Article 95 (1), "one" is replaced by "the same."
18. in Paragraph 90 (1) (d):
"(d) claims on the same debtor,"
19. in Paragraph 90 (1), point (e) is deleted;
Points (f) to (h) shall be renumbered as points (e) to (g).
20. in Paragraph 90 (1) (g), "(g)" is replaced by "(f)";
21. in Paragraph 90 (2):
"(2) For the purposes of paragraphs 1 (a) to (d) and 95 (1), the same person shall also be regarded as being related to one another in such a proportion that the financial difficulties of one of them may cause the other's payment difficulties. ';
22. In Section 91, the words "or participation in real estate companies' are deleted.
23. in Paragraph 91 (2), the words "or participating in a real estate company" shall be deleted.
24. In Paragraph 93, the words "of which such a State is a member 'shall be added at the end of the text of paragraph 1.
25. in Paragraph 93, paragraph 2 is deleted;
Paragraphs 3 to 6 shall become paragraphs 2 to 5.
26. in Paragraph 93 (2), the words "and (e) shall not apply" shall be replaced by the words "not applicable."
27. in Paragraph 93 (3):
"(3) For a qualifying investor fund where the figure representing the value of its assets expressed in millions of euro is not less than 10 and at the same time is greater than the proportion of 174 and the fifth square root of the fourth square root of the number of qualifying investors of that fund, paragraphs 90 and 91 shall apply only if there is no other indication of the fund's status. ';
28. in Article 93 (4) (a), the words "or a fund of qualified investors investing more than 49% of the value of its property in real estate or real estate companies" shall be inserted after the words "whose depositary may be a notary";
29. In Paragraph 93, paragraphs 6 and 7 are added:
"(6) If there is a case under Paragraph 95 (2) (b) of the Investment Companies and Investment Funds Act, qualified investors with which that qualified investor is in a contractual relationship for the purpose of this investment shall enter the calculation referred to in paragraph 3 instead of the qualified investor of the Fund.
30. In Paragraph 95 (2), the words "to commodities of one species' are replaced by the words" to one commodity '.
Article 31 (98), including the title, reads:
Property of the IF
For the purposes of calculating investment limits, total exposure limits and other limits under this Regulation:
(a) the assets of the investment fund, if it is a qualifying investor fund and a real estate fund; and
(b) the assets of the investment fund less the debts of that fund, if applicable
1. an investment fund not referred to in point (a);
2. the investment fund for which it is established; or
3. the limits referred to in § 73 (1) or (2) or § 74 (4). ';
32. in Paragraph 99 (1), "22 July 2014" is replaced by "1 January 2015."
33. In Paragraph 99 (2), the words "I for the cases referred to in paragraph 1, this Regulation shall apply to the extent that it materially results from" shall be replaced by "To the extent that this Regulation does not apply in the cases referred to in paragraph 1, it shall be treated as follows."
Transitional provisions
1. Until 1 January 2015, Article 98 of Government Decree No 243 / 2013 Coll., as effective from the date of entry into force of this Regulation, shall not apply. This does not prevent, before that date, from determining, in the Statute of the Investment Fund concerned, that the asset of that fund is assets that are reduced by debt, as provided for in Section 98 (b) of Government Regulation No 243 / 2013 Coll., as effective from the date of entry into force of this Regulation.
2. To the extent that, in the cases referred to in § 93 (7) of Decree-Law No 243 / 2013 Coll., as effective from the date of entry into force of this Regulation, Sections 90 and 91 of the Decree-Law No 243 / 2013 Coll., as effective from the date of entry into force of this Regulation, shall not apply, the provisions of the legislation in force before 19 August 2013 shall apply.
Efficacy
1. This Regulation shall be binding in its entirety and directly applicable in all Member States.
2. Paragraph 93 (7) of Decree No 243 / 2013 Coll. expires on 21 July 2020.
Prime Minister:
Rusnok v. r.
1. Prime Minister and Minister for Finance:
Fischer v. r.
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Regulation Information
| Citation | Government Regulation No. 11 / 2014 Coll., amending Government Regulation No. 243 / 2013 Coll., on investment of investment funds and on techniques for their management |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 21.01.2014 |
|---|---|
| Effective from | 01.02.2014 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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