Decree No. 115 / 2022 Coll.
Decree implementing certain provisions of the Act on a Pan-European Personal Pension Product and amending the related Regulations on professional competence
Valid
Order
Effective from 11.05.2022
Contents
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115
DECLARATION
of 5 May 2022
implementing certain provisions of the Act on a Pan-European Personal Pension Product and amending the related professional competence regulations
The Czech National Bank shall determine pursuant to § 3 (3), § 4 (2), § 5 (3), § 6 (2), § 8 (6), § 13 (2) and § 22 of Act No. 91 / 2022 Coll., on the Pan-European Personal Pension Product and on the amendment of the related laws (hereinafter referred to as "the Act ') pursuant to § 14h (a) and § 199 (2) of Act No. 256 / 2004 Coll., on business in the capital market, as amended, and under § 57 (2) and § 124 of Act No. 170 / 2018 Coll., on insurance and reinsurance distribution, as amended:
IMPLEMENTATION OF CERTAIN PROVISIONS OF THE PANEUROPEAN PERSONAL PENSION PRODUCT LAW
Subject matter
(1) This decree regulates the details of the particulars, format and other technical details of the application for
(a) registration of a pan-European personal pension product pursuant to Article 3 (3) of the Act; and
(b) the granting of consent pursuant to Article 8 (6) of the Act on legal action by which contracts for a pan-European personal pension product are to be referred to another provider.
(2) This decree also regulates the format and other technical details of the application for the cancellation of the registration of a pan-European personal pension product under Section 6 (2) of the Act.
(3) The Order also provides
(a) the extent of professional knowledge and skills for the distribution of pan-European personal pension products under Article 5 (3) of the Act; and
(b) the scope, form, time limits and method of providing information pursuant to Article 13 (2) of the Act.
Identifying information
For the purposes of this Order, the identification data shall be:
(a) legal persons and natural persons engaged, the name, registered office, real address, if different from their registered office, and the identification number of the person or similar number assigned abroad;
(b) a natural person who is not an entrepreneur, a name and a birth number, or, failing that, the date of birth and residence.
Application for registration of pan-European personal pension product
(K § 3 (3) of the Act)
(1) The details of the application for registration of a pan-European personal pension product shall be the identification data of the applicant and the Annex referred to in paragraph 2 containing the information on compliance with the conditions for registration of a pan-European personal pension product pursuant to Article 6 (2) of Regulation (EU) 2019 / 1238 of the European Parliament and of the Council ("the Regulation ').
(2) The annexes to the application for registration of a pan-European personal pension product are:
(a) draft contract for a pan-European personal pension product pursuant to Article 4 of the Regulation;
(b) a description of the measures relating to the management of the asset portfolio, risk management and personnel, technical and organisational assumptions relating to the pan-European personal pension product, including the measures referred to in Articles 19 (2), 42 (5) and 49 (3) of the Regulation, which are:
1. a proposal for staffing and organisational security of the individual activities to be carried out by the applicant in relation to a pan-European personal pension product, containing at least a description of the security of conflict of interest management and of the proper administrative and accounting procedures in relation to a pan-European personal pension product, the expected number of workers to carry out activities in relation to a pan-European personal pension product, and the identification data of the person responsible for distributing the pan-European personal pension product, including the manner of evaluating the professional competence of that person; if the applicant intends to entrust another person with the performance of his activities, he shall also submit a contract or a draft contract with that person,
2. a proposal for technical security of the individual activities linked to the individual activities to be carried out by the applicant in relation to a pan-European personal pension product, containing at least an adequate information system to ensure the acquisition, processing, transmission, sharing and storage of information and an accounting system;
3. information on the envisaged composition of the portfolio of assets in relation to the pan-European personal pension product, how the portfolio is managed and, where applicable, the separation of that portfolio from other applicants managed by portfolios and its own assets, including information on procedures ensuring a prudent investment approach in relation to the management of the portfolio of assets, with a view to ensuring the long-term security, quality, liquidity and profitability of the total portfolio of assets, and on measures taken to ensure a long-term appreciation of assets derived from contributions of participants in the pan-European personal pension product;
4. an analysis of the impact of the provision of a pan-European personal pension product on the activities of the applicant, including the impact on the applicant's business plan, indicating the expected impact on the financial stability and solvency of the applicant and presenting an estimate of the expected revenues and costs, broken down by the costs associated with the introduction of the activity and the current costs, in particular overheads and remuneration costs to distributors of the pan-European personal pension product, as well as a description of the changes in the applicant's internal rules made in connection with the provision of the pan-European personal pension product;
5. If the applicant intends to establish a partnership with another registered provider of a pan-European personal pension product pursuant to Article 19 (2) of the Regulation in order to comply with the requirements of Article 19 (1) of the Regulation, the identification details of that provider and an agreement with that provider regarding the functions entrusted to it and, where appropriate, its proposal, together with a written promise of its conclusion; the applicant shall also submit separate contractual terms governing contributions and withdrawals from sub-accounts where the contractual terms apply to such legal acts;
6. where an applicant who is a securities dealer, an investment company or a self-governing investment fund intends to provide a pan-European personal pension product with a guarantee, a contract with a credit institution or an insurance undertaking to conclude such a guarantee, or a proposal thereof, together with the promise of its conclusion by a credit institution or insurance undertaking, and
7. If an applicant who is not an insurance undertaking intends to offer a pan-European personal pension product providing cover for biometric risks, the contract with the insurance undertaking covering those risks shall be detailed in detail about that cover or, where appropriate, its proposal with the promise of its conclusion by the insurance undertaking,
(c) the documents referred to in Article 6 (2) (d) to (g) of the Regulation.
Notification of data change
(Paragraph 13 (2) of the Law)
The notification of a provider of a pan-European personal pension product to any substantial change in the facts set out in the application for registration of a pan-European personal pension product and its annexes pursuant to Article 3 shall contain the provider's identification data, a description of the changes made and an indication of the changes made to the documents submitted which are subject to the change.
Request for consent to legal proceedings to be referred to another provider for a pan-European personal pension product
(Paragraph 8 (6) of the Law)
The details of the application for approval of the Czech National Bank for legal proceedings to be referred to another provider for a pan-European personal pension product are:
(a) a description of the procedure aimed at ensuring the protection of the interests of the participants and recipients of transactions from the pan-European personal pension product of the provider to whom contracts are to be referred (hereinafter referred to as the "new provider"), including:
1. the timetable for the referral of contracts for a pan-European personal pension product to the new provider and the date on which the transfer is to take place;
2. the reasons for the transfer of contracts for a pan-European personal pension product to a new provider, including an indication of the reason for the selection of that provider;
3. a description of the terms of the transfer of contracts for a pan-European personal pension product to a new provider, including an indication of the amount of assets of the transferring provider relating to contracts for a pan-European personal pension product to be transferred in connection with the transfer, the number of participants involved in the pan-European personal pension product and an overview of the assets intended to offset the liabilities arising from the transfer of contracts;
4. contract for the assignment of contracts for a pan-European personal pension product,
5. a description of the expected changes in the management of the new provider as a result of the assignment, including the expected impact on the fulfilment of the capital requirements in the first 3 financial years following the transfer and, where applicable, the expected costs of the new provider to meet the material, personnel and organisational assumptions and the way in which those costs are covered;
6. a description of the potential impact of the transfer on the rights and obligations of participants and recipients of the services of a pan-European personal pension product, including a description of any compensation;
7. the position of the depositary, together with the depositary's promise to continue its activities and cooperate with the new provider or the promise of the new depositary to take over the funds if the applicant is an investment company or a self-governing investment fund;
8. a description of the procedure for informing the participants of the pan-European personal pension product of the planned transfer of contracts to the new provider; the notification shall include the communication of the identification data of the new provider and other necessary information related to the assignment and continuation of contracts for a pan-European personal pension product; and
9. the accounts of each participating provider and information on the current amount, structure and liquidity of the portfolio managed under contracts for a pan-European personal pension product and the number of participants and recipients of benefits for a pan-European personal pension product; and
(b) the annexes referred to in Article 3 (2), which will be affected by changes to the new provider in connection with the sale of contracts for a pan-European personal pension product, if the Czech National Bank is not already available.
Formats and other technical details of applications and notifications
(1) Applications and notifications under this Order shall be submitted in a data format commonly used in electronic contact.
(2) Paragraph 1 shall not apply in the case of notification by insurance intermediaries which are submitted via the electronic application of the Czech National Bank for Registration.
Common provisions for applications
(1) Where the nature of the case excludes the submission of the information or document for the application required by this Decree and it is not sufficiently apparent from the application, the applicant shall justify the non-submission of the information or document on a separate annex to the application and shall provide evidence of those reasons.
(2) The applicant is not obliged to submit the data or documents required by this decree if they are publicly available in the current form in the public administration information systems or if the Czech National Bank is available in the current form. The reason for not submitting these data or documents shall be documented by the applicant to the Czech National Bank.
Information obligations of the provider
(Paragraph 13 (2) of the Law)
The provider of a pan-European personal pension product shall submit to the Czech National Bank, at the end of the financial year, within 16 weeks of the end of the financial year to which it relates, statements of the content, format and templates of which the European Union's directly applicable regulation in the field of pan-European personal pension production1).
Method and form of reporting
(Paragraph 13 (2) of the Law)
(1) The provider of pan-European personal pension product submits to the Czech National Bank the statements referred to in Section 9 in electronic form as data messages in the format and structure of the data files.
(2) The data messages referred to in paragraph 1 are transmitted by means enabling remote access via the Internet application or user interface of the Czech National Bank collection system.
(3) The data report referred to in paragraph 1 shall be signed by the provider of the pan-European personal pension product by a recognised electronic signature of the contact person.
(4) The provider of pan-European personal pension product will inform the Czech National Bank of the name, address of the workplace, telephone number and e-mail address of the contact person. The reporting agent shall inform the Czech National Bank without undue delay of changes to this data.
Corrections and changes in accounts
(Paragraph 13 (2) of the Law)
(1) If the reporting person finds that the Czech National Bank has made an error after submitting the statements to the Czech National Bank or if he makes a change to the statement's data, he shall submit the corrected report to the Czech National Bank without undue delay; the reporting agent is the same when the Czech National Bank informs it of an error in the data submitted. Where the correction affects data in other statements or statements for further periods of time, the reporting agent shall also correct all such subsequent statements.
(2) If, in the context of the verification of the reporting entity's financial statements by the auditor, changes are made to the statements drawn up on 31 December, the reporting entity shall submit those statements again with adjusted values within 15 days of the corresponding changes in his accounts. Where the correction affects data in other statements or statements for further periods of time, the reporting agent shall also correct all such subsequent statements.
(3) The corrected statements shall be presented in the manner set out in Section 11 together with information on the content and the reason for the correction.
Scope of professional knowledge and skills for the distribution of pan-European personal pension product which does not include insurance or investment services
(K § 5 (3) of the Act)
(1) The extent of the expertise of persons directly involved in, or responsible for, the distribution of a pan-European personal pension product is responsible for the material activity of such persons for the distribution of a pan-European personal pension product in order to ensure its qualified performance.
(2) The scope of expertise is set out in Annex 3 to this Decree.
(3) Persons who are directly involved in or are responsible for the distribution of a pan-European personal pension product must have professional skills of competence for the distribution of a pan-European personal pension product
(a) to obtain information from the customer on its requirements, objectives, needs, financial situation, knowledge and experience, risk tolerance, ability to bear losses and awareness of the risks to which it may be exposed for the duration of the commitment to a pan-European personal pension product, so as to provide proper advice, personal advice and personalised projection of pension benefits;
(b) to provide information in a qualified and comprehensible manner when communicating with the customer in such a way that the customer can assess for himself whether the pan-European personal pension product offered complies with its requirements, objectives, needs, financial situation, knowledge and experience, risk tolerance, loss-bearing capacity, and to recognise the risks to which it may be exposed for the duration of the commitment of the pan-European personal pension product contract;
(c) to properly assess the requirements, objectives, needs, financial situation, knowledge and experience and risk tolerance of the customer, the ability of the customer to bear the losses and legal relationships of other financial market products, to consider the risks to which the customer may be exposed for the duration of the commitment to a pan-European personal pension product and to offer him a suitable pan-European personal pension product;
(d) to conclude properly contracts for a pan-European personal pension product; and
(e) to provide information to the customer in a qualified and comprehensible manner during the duration of the commitment of the Pan-European Personal Pension Product Contract.
(4) Paragraphs 1 to 3 shall not apply to the professional competence of a provider or distributor of a pan-European personal pension product whose professional competence is regulated by the law governing the distribution of insurance and reinsurance or by the law governing business on the capital market.
Amendment of the Order on professional competence for capital market distribution
Decree No. 319 / 2017 Coll., on professional competence for distribution on the capital market, is amended as follows:
1. In Article 3, the words "in the case of a pan-European personal pension product, in order to provide with professional care advice, personal recommendations and personalised projections of pension benefits' are added at the end of the text (a).
2. In Article 3, at the end of point (c), the word "a 'is replaced by a comma.
3. In Article 3, at the end of point (d), the dot is replaced by "a 'and the following points (e) and (f) are added:
"(e) to conclude properly contracts for a pan-European personal pension product; and
(f) to provide information to the customer in a qualified and comprehensible manner during the duration of the commitment to a pan-European personal pension contract. ';
4. In the Annex, point II (c), the following point 4 is added:
"4. the structure, entities and functioning of pan-European personal pension product
4.1 provider of pan-European personal pension product, distributor of pan-European personal pension product,
4.2. Contract for a pan-European personal pension product,
4.3. Basic information on registration of pan-European personal pension product,
4.4. Basic information on cross-border provision of pan-European personal pension product,
4.5 The portability of pan-European personal pension product,
4.6 rules on the distribution of pan-European personal pension product,
4.7. Pre-contractual information on the distribution of pan-European personal pension product,
4.8 advice on the distribution of pan-European personal pension product,
4.9 the provision of information during the duration of the commitment to a pan-European personal pension product,
4.10 basic information on investment rules for providers of pan-European personal pension product,
4.11 investment opportunities for customers of pan-European personal pension product,
4.12 investor protection,
4.13 change of provider of pan-European personal pension product,
4.14. Rules concerning the payment phase, '.
Amendment of the Order on professional competence for insurance distribution
Decree No. 195 / 2018 Coll., on professional competence for insurance distribution, is amended as follows:
1. In Section 3, at the end of the text in point (a), the words "and provide with professional care advice, personal recommendations and personalised projections of pension benefits in the case of pan-European personal pension products' are added.
2. In Article 3, the words "and contracts for a pan-European personal pension product 'shall be added at the end of the text in point (d).
3. In Article 3, at the end of point (d), the dot is replaced by "a 'and the following point (e) is added:
"(e) to provide information to the customer in a qualified and comprehensible manner during the duration of the commitment of the Pan-European Personal Pension Product Contract.";
4. In the Annex, point II (a), the following point 2 is added:
"2. the structure, entities and operation of pan-European personal pension product
2.1 provider of pan-European personal pension product, distributor of pan-European personal pension product,
2.2. Contract for a pan-European personal pension product,
2.3 basic information on the registration of pan-European personal pension product,
2.4. Basic information on cross-border provision of pan-European personal pension product,
2.5 portability of pan-European personal pension product,
2.6 rules on the distribution of pan-European personal pension product,
2.7 pre-contractual information on the distribution of pan-European personal pension product,
2.8 advice on the distribution of pan-European personal pension product,
2.9 providing information during the duration of the commitment to a pan-European personal pension product,
2.10 basic information on investment rules for providers of pan-European personal pension products,
2.11 investment opportunities for customers of pan-European personal pension product,
2.12 investor protection,
2.13 change of provider of pan-European personal pension product,
2.14 rules concerning the payment phase, '.
EFFECTIVE
This Decree shall take effect on 11 May 2022.
Governor:
Ing. Rusnok v. r.
Příloha č. 3
Annex No 3 to Decree No. 115 / 2022 Coll.
Scope of expertise
Knowledge of the regulation of pan-European personal pension product covers in particular:
(a) technical minimum on the financial market to the extent
1. the financial market, its definitions, role and importance;
2. the foundations of finance theory (time value of money, relationship between yield, risk and liquidity),
3. financial mathematics (interest),
4. financial market structure (primary and secondary markets, money and capital markets, stock market, bond market, financial derivatives market, commodity derivatives market);
5. financial market participants (authorised and required by a commitment relationship, issuers, investors, financial intermediaries),
6. regulation and supervision of the financial market,
(b) knowledge of the structure, bodies and functioning of the pan-European personal pension product to the extent that:
1. provider of pan-European personal pension product, distributor of pan-European personal pension product,
2. contract for pan-European personal pension product,
3. basic information on the registration of pan-European personal pension product,
4. basic information on the cross-border provision of pan-European personal pension product,
5. portability of pan-European personal pension product,
6. rules on the distribution of pan-European personal pension product,
7. pre-contractual information on the distribution of pan-European personal pension product,
8. advice on the distribution of pan-European personal pension product,
9. provision of information during the duration of the commitment to a pan-European personal pension product;
10. basic information on investment rules for providers of pan-European personal pension product,
11. investment options for customers of pan-European personal pension product,
12. investor protection,
13. change of provider of pan-European personal pension product,
14. Rules concerning the payment phase,
15. The foundations of the related private law and consumer protection rules,
(c) knowledge of the structure and functioning of the pan-European personal pension product containing the deposit to the extent
1. the principles of the deposit relationship, the basic parameters and obligations of the Contracting Parties (depositors and debtors),
2. deposit risks;
3. related banking rules;
4. types of pan-European personal pension product not containing a deposit (including insurance or related to the provision of investment services),
5. the principles of private law,
(d) knowledge of the structure and functioning of a pan-European personal pension product containing securities issued by IFs to the extent that:
1. investment funds (open and closed, with legal personality, mutual funds, standard funds, special funds, qualifying investor funds such as hedge funds, private equity, venture capital funds, real estate funds, Exchange- traded Fund),
2. Investment fund manager (investment company), investment fund administrator,
3. investment strategy, risk profile of the investment fund, method of distribution of revenue,
4. Basic rules for the activities of investment funds, eligible assets, risk diversification, portfolio management, portfolio performance and risk measurement;
5. the Statute of the Investment Fund, key investor information document, periodic investor information obligation,
6. securities issued by IFs (shares, units, shares), the mechanism for the issue and redemption of units and investment shares;
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Regulation Information
| Citation | Decree No. 115 / 2022 Coll., implementing certain provisions of the Act on a Pan-European Personal Pension Product and amending the related professional qualification decree |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 10.05.2022 |
|---|---|
| Effective from | 11.05.2022 |
| Effective until | - |
| Status | Valid |
Legal Areas:
Banking, Money
Finance
The regulation text is for informational purposes only.
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