What is Act No. 120 / 2007 Coll.?

Act No. 120 / 2007 Coll., on the amendment of certain laws in connection with the setting of capital requirements for banks, savings and credit cooperatives, securities dealers and electronic money institutions — Act on the amendment of certain laws in connection with the setting of capital requirements for banks, savings and credit cooperatives, securities dealers and electronic money institutions.

When it became Act No. 120 / 2007 Coll. effectiveness?

Act No. 120 / 2007 Coll. became effective 01.07.2007.

Is Act No. 120 / 2007 Coll. still valid?

Yes, Act No. 120 / 2007 Coll. is still valid and effective.

How many times was it Act No. 120 / 2007 Coll. amended?

Act No. 120 / 2007 Coll. has 4 time versions of the text.

Act No. 120 / 2007 Coll. - Act on the amendment of certain laws in...

120

THE LAW

of 24 April 2007

amending certain laws relating to the setting of capital requirements for banks, savings and credit cooperatives, securities dealers and electronic money institutions

Parliament has decided on this law of the Czech Republic:

ČÁST PRVNÍ

Amendment to the Banking Act

Čl. I

Act No. 21 / 1992 Coll., on Banks, as amended by Act No. 264 / 1992 Coll., Act No. 292 / 1993 Coll., Act No. 156 / 1994 Coll., Act No. 83 / 1995 Coll., Act No. 84 / 1995 Coll., Act No. 70 / 1996 Coll., Act No. 309 / 1997 Coll., Act No. 16 / 1998 Coll., Act No. 127 / 1998 Coll., Act No. 54 / 2003 Coll., Act No. 57 / 2006 Coll., Act No. 70 / 2006 Coll., Act No. 239 / 2004 Coll., Act No. 239 / 2001 Coll., Act No. 377 / 2005 Coll., Act No. 126 / 2002 Coll., Act No. 453 / 2003 Coll., Act No. 257 / 2004 Coll.

1. In the first sentence of Paragraph 1 (1), the words "incorporating the relevant provisions of the European Community1) and 'shall be inserted after the words" the law. "

Footnote 1:

"(1) Directive 94 / 19 / EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes. Directive 2001 / 24 / EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and liquidation of credit institutions. Directive 2006 / 48 / EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast). Directive 2006 / 49 / EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast). '

Footnotes 1 and 1a shall be renumbered footnotes 1a and 1b, including the footnotes.

2. In Article 4 (3) of the Introductory Part of the provision, the words "or another State constituting the European Economic Area (hereinafter referred to as" the Member State ") 'shall be inserted after the word" Union'.

3. in Article 4 (3) (a), (b) and (c), Article 5a (1) and (3), Article 5c (1), Article 16a (2), Article 30 (3) and (5), Article 38e, Article 38f (1) and (2), Article 38g and Article 41m (3), the words "European Union" shall be deleted;

4. in Articles 4 (5) (e) and 5 (4) (d), the word "management" is replaced by "management."

5. in Articles 4 (5) (e) and 5 (4) (d), the words "including the risk management system" shall be deleted;

6. In Article 4 (6) (c), the words "or other persons' shall be inserted after the word" person '.

7. In Paragraph 5 (2), the word "executed 'is replaced by the word" executed'.

8. In Articles 5a (4) and (6), "Article 11 (5) 'is replaced by" Article 11 (3) and (5)'.

9. In Section 5m, the words "in the European Union 'are replaced by the words" in the Member States'.

10. At the end of the text § 7, the words "and the Czech National Bank publishes it in a way that allows remote access' are added.

11. in Articles 8 (3) (a) and (b), 17 (1) and (2) and 17 (5), the word "banking" shall be deleted;

12. in Article 8, paragraphs 6 to 8 are deleted;

13. The following Section 8b is inserted after Section 8a, including the title:

„§ 8b

Control and control system

(1) A bank and branch of a foreign bank which does not benefit from a single licence under European Community law must have a management and control system which includes:

(a) the assumptions of sound management and management of the company at all times;

1. the principles and procedures governing the management of the Bank;

2. an organisational arrangement with a sound, transparent and coherent definition of the scope and decision-making power, in which the functions whose performance is incompatible and procedures to avoid a potential conflict of interest are defined,

3. Good administrative and accounting procedures;

(b) risk management that always includes:

1. rules on the bank's access to the risks to which the bank is or may be exposed, including those arising from the external environment and liquidity risk;

2. effective procedures for identifying, evaluating, measuring, monitoring and reporting risks;

3. effective procedures for taking measures to reduce potential risks; and

(c) an internal control system which is always part of

1. internal audit; and

2. Continuous monitoring of compliance with the Bank's legal obligations.

(2) The management and control system must be coherent and proportionate to the nature, scale and complexity of the Bank's activities.

(3) A bank and branch of a foreign bank which does not enjoy the benefits of a single licence under European Community law are obliged to establish and maintain a management and control system on an individual basis. The Bank shall also have these obligations on a consolidated basis if:

(a) a domestic controlling bank [§ 26d (1) (k)],

(b) the controlling bank but is not a domestic controlling bank or a responsible bank in the group of financial holding company (§ 26d (1) (b), (k) and (o)), the foreign bank or financial institution having its registered office in a Member State other than the Member State being a member of its consolidation unit;

(c) by the responsible bank in the group of the financial holding person (Article 26d (1) (o)); or

(d) by the responsible bank in the group of foreign controlling banks (§ 26d (1) (p)).

(4) The Bank, which has an obligation to establish and maintain a management and control system on a consolidated basis, shall also ensure that the principles and procedures of management, organisational arrangements, procedures and mechanisms used by the members of the consolidation unit as referred to in paragraph 1 are mutually consistent and interconnected and shall give rise to any information necessary for the purposes of the decision-making processes within the consolidation unit and for the exercise of supervision.

(5) By decree, the Czech National Bank sets out more detailed requirements for the management and control system of banks on an individual and consolidated basis within the limits laid down in paragraph 1.

(6) The branch of a foreign bank which does not enjoy the benefits of a single licence under European Community law is subject to the requirements of the management and control system mutatis mutandis. "

14. in Paragraph 9 (1) (d), the word "internal" is replaced by the words "management and."

15. Paragraph 11 (3) reads:

"(3) The bank or branch of a foreign bank shall provide, at the request of a legal person or natural person in connection with its business, without undue delay, a written explanation of the credit assessment of that person for the purposes of assessing the credit granted to it or its credit application. The Bank and the branch of a foreign bank shall be entitled to compensate the applicant for the reasonable costs of providing an explanation of the credit assessment. ';

16. Article 11a, including the title and footnotes Nos 3a and 3b, read:

„§ 11a

Disclosure

(1) A bank and a branch of a foreign bank which does not enjoy the benefits of a single licence under the law of the European Communities publishes basic data on itself, on the composition of the shareholders, on the structure of the consolidation unit of which it is part and on its activities and on the financial situation.

(2) A bank and a branch of a foreign bank which does not enjoy the benefit of a single licence under European Community law also publishes information on compliance with prudential rules on an individual basis if:

(a) is not a controlling bank [§ 26d (1) (b)];

(b) is not a controlled entity in a group of European controlling banks [§ 26d (1) (l)] or in a group of European financial holding persons [§ 26d (1) (n)];

(c) is not a responsible bank in a group of foreign controlling banks (§ 26d (1) (p)) or another bank in such a group;

(d) is a controlled entity in a group of European Controlling Bank (Article 26d (1) (l)) or in a group of European financial holding company (Article 26d (1) (n)), but the European Controlling Bank or the responsible bank in a group of European Financial Holding Person (Article 26d (1) (l) and (o)) does not take into account it when publishing data on a consolidated basis; or

(e) is excluded from the consolidation unit.

(3) The Bank also publishes data on compliance with prudent business rules on a consolidated basis where:

(a) a European controlling bank (§ 26d (1) (l)); or

(b) by the responsible bank in the group of the European financial holding person (Article 26d (1) (o)).

(4) A bank which has a significant position on the financial market of the Czech Republic but which is not subject to the obligations referred to in paragraph 2 or 3 shall publish data on the implementation of prudential business rules to an abridged extent. The position of the bank is considered relevant on the financial market of the Czech Republic if at least one of the following criteria is met:

(a) the average balance sheet total of the Bank shall be at least EUR 500 000 000, the average balance sheet total being determined as the arithmetic average of the bank's balance sheet total as shown in the last three sound financial statements verified by the legal or, where applicable, by the natural person carrying out the audit activity under the audit act (3a) (hereinafter referred to as the "auditor");

(b) the bank is an issuer of listed securities;

(c) the bank is a depositary of a collective investment fund or pension fund; or

(d) the position of the bank in the financial market of the Czech Republic in a given business area is dominant in relation to other persons of the financial market of the Czech Republic.

(5) A bank and a branch of a foreign bank which does not enjoy the benefits of a single licence under the law of the European Communities which are not subject to the obligations under paragraphs 2 to 4 shall disclose information on who and how it publishes data on a consolidated basis for a European Controlling Bank group or for a European financial holding person to which it is a member.

(6) A bank and a branch of a foreign bank which does not enjoy the benefits of a single licence under European Community law need not disclose information on compliance with prudential business rules which:

(a) is not significant; the information is relevant if omission or misstatement could alter or affect the evaluation or decision of persons relying on such information in their decisions; This option does not apply to information on capital requirements approaches (§ 12a),

(b) is sensitive; the information is sensitive if its publication could damage the position of the bank in the competitive environment, in particular if it concerns information about products or systems which, by sharing with other competitors, could undermine the Bank's investment in those products or systems;

(c) is confidential; the information is confidential if the bank is obliged to keep its confidentiality to clients or other counterparties.

(7) Where a bank and a branch of a foreign bank which does not enjoy the benefits of a single licence under European Community law makes use of the possibility not to disclose sensitive or confidential information, it shall publish which of the disclosure requirements is concerned and the reason why they did not disclose the information. However, a bank and a branch of a foreign bank which does not enjoy the benefits of a single licence under the law of the European Communities shall provide at least general information on the facts which they should have published, unless such general information is sensitive or confidential.

(8) The auditor verifies the capital data, capital requirements and ratios of the bank.

(9) The Czech National Bank provides by decree

(a) the content of data intended for publication on an individual and consolidated basis, including the shortened scope of data on compliance with prudential business rules, as well as the form, manner, structure, periodicity and time limits of publication of data;

(b) the content of the data verified by the auditor; and

(c) the content of the information referred to in (a) and (b) intended for publication by a branch of a foreign bank which does not benefit from a single licence under European Community law.

(10) The Bank will establish internal procedures and principles for the fulfilment of the disclosure requirements laid down in or on the basis of this Act and for the evaluation of the adequacy of the published data, including their verification and frequency of publication.

3a) Act No. 254 / 2000 Coll., on auditors and amending Act No. 165 / 1998 Coll., as amended by Act No. 209 / 2002 Coll., Act No. 169 / 2004 Coll., Act No. 284 / 2004 Coll., Act No. 56 / 2006 Coll., Act No. 57 / 2006 Coll. and Act No. 70 / 2006 Coll.

3b) § 10 (1) of Act No. 143 / 2001 Coll., on the Protection of Competition. '

17. in the first and second sentences of Paragraph 12 (1), the words "or branch of a foreign bank" shall be inserted after the words "Bank."

18. In the first sentence of Article 12 (2), the words "or branch of a foreign bank 'shall be inserted after the word" bank'.

19. in Article 12, paragraphs 3 and 4 are deleted;

20. The following Sections 12a to 12c are inserted after Section 12:

„§ 12a

Capital

(1) A bank and a branch of a foreign bank which does not enjoy the benefits of a single licence under European Community law maintains capital on an individual basis at least equal to the sum of the individual capital requirements for risk coverage ("capital adequacy"). At the same time, the bank's capital must not fall below the minimum core capital set out in Paragraph 4 (1).

(2) The Bank shall keep the capital adequacy on a consolidated basis on an ongoing basis if:

(a) a domestic controlling bank [§ 26d (1) (k)],

(b) the controlling bank but is not a domestic controlling bank or a responsible bank in the group of financial holding company (§ 26d (1) (b), (k) and (o)), the foreign bank or financial institution having its registered office in a Member State other than the Member State being a member of its consolidation unit;

(c) by the responsible bank in the group of the financial holding person (Article 26d (1) (o)); or

(d) by the responsible bank in the group of foreign controlling banks (§ 26d (1) (p)).

(3) The bank uses basic or special approaches to calculate individual capital requirements.

(4) If the bank intends to use a special approach or change the special approach used or the conditions for its use, it is obliged to ask the Czech National Bank to give its prior approval. The Czech National Bank shall decide on the request of the Bank within 6 months. The Czech National Bank may lay down binding conditions in the decision granting consent under which the Bank is entitled to use a special approach.

(5) A bank that is a member of a group of European controlling banks [§ 26d (1) (l)] or of a group of European financial holding company [§ 26d (1) (n)] or controlled by a European controlling securities trader under a special regulatory provision (1b) is entitled to use one of the special approaches for the calculation of the capital requirement or such a special approach already used, also if it has joined the joint application of the European controlling bank and its controlled persons, the joint application of persons controlled by the European financial holding company or the joint application of the European controlling agent for the calculation of the capital requirement or such a previously agreed to use of such a special approach or a change of such a special approach used.

(6) The Czech National Bank shall be responsible for deciding on a joint application under paragraph 5 where it exercises banking supervision on a consolidated basis over a group of European controlling banks or a group of European financial holding company. Otherwise, the joint application shall be decided by the supervisory authority of the Member State which exercises supervision on a consolidated basis over the consolidation total concerned. The Bank shall use the special approach or the special approach used shall, as decided by the supervisory authority of the Member State, amend the joint application for prior consent to the use of the special approach or its amendment in accordance with the conditions set out in this Decision.

(7) The Czech National Bank shall decide on the joint application referred to in paragraph 5 within 6 months. The Czech National Bank shall send a full request without delay to the supervisory authorities of the members of the consolidation unit who submitted the request and shall coordinate its assessment with those supervisory authorities. The Czech National Bank shall endeavour to issue a decision in agreement with all the supervisory authorities concerned and to reach an agreement duly indicated in the reasons for the decision. If there is no agreement between the supervisory authorities concerned in order to decide within the period specified in the first sentence, the Czech National Bank shall take into account the opinions and comments made by the supervisory authorities concerned in deciding on the joint application within that period. The Czech National Bank may lay down binding conditions in the decision granting consent under which the bank or other promoter of a joint application is entitled to use a special approach. The decision to grant consent will also be sent by the Czech National Bank to all supervisory authorities concerned.

(8) The Czech National Bank provides by decree

(a) rules on the calculation of capital adequacy which include the procedures applied by the Bank in the calculation of capital adequacy, the rules on capital measurement, the determination of individual capital requirements and the definition of approaches for their calculation, including the determination of the conditions for the use of basic and special approaches in the calculation of capital requirements;

(b) the identification of special approaches for which the use and amendment of which require the consent referred to in paragraph 4 or 5;

(c) the details of the request for prior consent to the use of the special approach and the change of the special approach used submitted to the Czech National Bank.

§ 12b

(1) For the calculation of capital requirements, the bank is entitled to use a credit rating of a borrower drawn up by or on the basis of a person who meets the requirements laid down by this law and is included in the list of credit rating agencies maintained by the Czech National Bank.

(2) The list of credit rating agencies includes a business firm, registered office, legal form of the registered person, its identification number, if assigned, the scope of application of credit assessments used by that person, the assignment of such credit assessments to credit quality steps and the date from which the credit assessment of that person can be used. In the event of a person being deleted from the list of credit rating agencies (paragraph 5), the Czech National Bank shall indicate in that list the date from which the credit assessment of that person cannot be used.

(3) The person providing the credit assessment may request the Czech National Bank to be included in the list of credit assessment agencies if it demonstrates that its credit assessment intends to use at least one bank, savings and credit cooperative or non-bank securities dealer to calculate the capital requirements. The Czech National Bank shall issue a decision on the inclusion of this person in this list after having verified that its assessment methods meet the requirements for impartiality, independence and transparency and are kept up to date and that its resulting credit assessments meet the requirements for credibility and transparency.

(4) The Czech National Bank is entitled to request from a person included in the list of credit assessment agencies the information and supporting documents necessary to assess whether that person continues to comply with or on the basis of the requirements laid down in this Act.

(5) The Czech National Bank will issue a decision on the deletion of a person from the list of credit rating agencies if that person has ceased to fulfil the conditions for registration laid down by this Act or has requested the deletion.

(6) The Czech National Bank shall issue a decision on the registration, amendment of the registration or refusal of the application for registration in the list of credit assessment agencies referred to in paragraph 3 or the deletion from that list referred to in paragraph 5 within 4 months of the date of the initiation of the administrative procedure.

(7) The Czech National Bank may enter in the list of credit assessment agencies a person who has already been entered by the competent supervisory authority of another Member State in a similar list of credit assessment agencies maintained by that authority and has requested to be included in the list of credit assessment agencies under this law. In this case, the Czech National Bank shall not be obliged to examine the facts referred to in paragraph 3. When registering such a person, the Czech National Bank may use the assignment of credit assessments used by that person to credit quality steps carried out by the competent supervisory authority of another Member State. The time limits for the decision provided for in paragraph 6 shall apply mutatis mutandis.

(8) The Czech National Bank provides by decree

(a) the form and content of the application for inclusion in the list of credit assessment agencies;

(b) requirements for assessment methods, credibility and transparency of credit assessments of the person to be included in the list of credit assessment agencies.

§ 12c

(1) The Bank shall adopt and apply reliable, effective and complete strategies and procedures for the establishment, continuous assessment and maintenance of internal capital at an amount, structure and distribution sufficient to cover the risks to which it is or might be exposed. This is without prejudice to the obligations laid down in § 12a.

(2) The Bank shall regularly examine the strategies and procedures referred to in paragraph 1 to ensure that they are functional, effective and proportionate to the nature, scale and complexity of the Bank's activities.

(3) The obligations laid down in paragraphs 1 and 2 are limited on an individual basis to a bank which:

(a) is not controlled by a domestic controlling bank [§ 26d (1) (k)] or by a domestic financial holding company [§ 26d (1) (m)];

(b) is not a responsible bank in a group of foreign controlling banks (§ 26d (1) (p)) or another bank in such a group;

(c) it does not control another bank, foreign bank, financial institution or ancillary services undertaking; or

(d) is excluded from the consolidation unit.

(4) Only a bank which is:

(a) a domestic controlling bank [§ 26d (1) (k)],

(b) the controlling bank but is not a domestic controlling bank or a responsible bank in the group of financial holding company (§ 26d (1) (b), (k) and (o)), the foreign bank or financial institution having its registered office in a Member State other than the Member State being a member of its consolidation unit;

(c) by the responsible bank in the group of the financial holding person (Article 26d (1) (o)); or

(d) by the bank responsible in the group of foreign controlling banks (§ 26d (1) (p)). "

21.

„§ 13

A bank and a branch of a foreign bank which does not enjoy the benefit of a single licence under European Community law shall comply with rules which limit the amount of assets and off-balance-sheet items to a person or group of persons depending on capital (hereinafter referred to as "the rules of engagement ') on an individual basis. The Bank shall also comply with the rules on consolidated exposures where:

(a) a domestic controlling bank;

(b) the controlling bank but is not a domestic controlling bank or a responsible bank in the group of financial holding company (§ 26d (1) (b), (k) and (o)), the foreign bank or financial institution having its registered office in a Member State other than the Member State being a member of its consolidation unit;

(c) by the responsible bank in the group of the financial holding person (Article 26d (1) (o)); or

(d) by the bank responsible in the group of foreign controlling banks (§ 26d (1) (p)). "

22. In Paragraph 14, the first sentence is replaced by the sentence "The Bank and the branch of a foreign bank which does not enjoy the benefits of a single licence under the law of the European Communities shall maintain its solvency."

23. In the second sentence of Paragraph 14, the words "To this end they are obliged 'are replaced by the words" The Bank is obliged'.

24. In Article 14 (a), the words "this obligation may also be met by maintaining a specified part of the resources with the Czech National Bank" are deleted.

25. in Paragraph 14 (c):

'(c) the acquisition, financing and assessment of assets;';

26. in Paragraph 14 (d), "unsecured foreign exchange" is replaced by "monetary."

27.

„§ 15

The rules provided for in Articles 13 and 14 (c) are laid down by the Czech National Bank by decree. The rules provided for in Sections 12 and 14 (a), (b) and (d) for banks and branches of foreign banks are laid down by the Czech National Bank's measures, published in the Bulletin of the Czech National Bank2. "

28. Paragraph 17 (1), including footnote 4a, reads as follows:

"(1) The Bank may not exercise control over another person who is not a bank, a foreign bank, a financial institution, an ancillary service undertaking or a real estate company under special legislation4a) over which the Bank exercises control through a special real estate fund or a special fund of qualified investors.

4a) Act No. 189 / 2004 Coll. '.

29. In Paragraph 17 (2), in the introductory part of the sentence, the words "foreign bank 'shall be inserted after the words" law'.

30. in Article 17 (2) (a) and (b), the words "on an individual and consolidated basis" shall be deleted;

31. In Article 17, the following paragraphs 3 and 4 are inserted after paragraph 2:

"(3) The obligation referred to in paragraph 2 shall, on an individual basis, be limited to a bank which:

(a) is not controlled by a domestic controlling bank [§ 26d (1) (k)] or by a domestic financial holding company [§ 26d (1) (m)];

(b) is not a responsible bank in a group of foreign controlling banks (§ 26d (1) (p)) or another bank in such a group;

(c) does not control another bank, financial institution or ancillary services undertaking; or

(d) is excluded from the consolidation unit.

(4) The obligation referred to in paragraph 2 shall be exercised on a consolidated basis only by a bank which:

(a) a domestic controlling bank;

(b) the controlling bank but is not a domestic controlling bank or a responsible bank in the group of financial holding company (§ 26d (1) (b), (k) and (o)), the foreign bank or financial institution having its registered office in a Member State other than the Member State being a member of its consolidation unit;

(c) by the responsible bank in the group of the financial holding person (Article 26d (1) (o)); or

(d) by the bank responsible in the group of foreign controlling banks (§ 26d (1) (p). '

Paragraphs 3 to 5 shall be renumbered paragraphs 5 to 7.

32. In Paragraph 17, at the end of paragraph 6, the words "or by virtue of the share held by the bank on behalf of another person 'shall be added.

33.In Article 17a (3), the words "a person other than a bank under this law," shall be replaced by the words "a person who is neither a bank nor a foreign bank, and."

34. In Article 17a, the words "or foreign banks' shall be added at the end of the text of paragraph 5.

35. in Article 20 (6), the words "the founder of the bank" shall be replaced by the words "a person with a qualified participation in the bank."

36. in Paragraph 20a (2), "6" is replaced by "5" and "8" is replaced by "7."

37. in Paragraph 22 (1) of the Introductory Part of the provision, the words "legal or, where appropriate, natural person carrying out an audit activity under special legislation (6d) (hereinafter referred to as" audit firm ") have been carried out" shall be replaced by "the auditor has carried out the audit."

footnote 6d is deleted.

38. in Article 22 (1) (b) and (c):

"(b) verification of the Bank's management and control system, with the auditor's bank ensuring an overview of the internal controls carried out concerning that verification;

(c) drawing up accounts and management and control reports; the bank shall submit these reports within the specified deadlines to the Czech National Bank, '.

39. In Paragraph 22, the dot is replaced by a comma at the end of paragraph 1 and the following point (d) is added:

"(d) verification of the published data provided for in § 11a to the extent provided for by the Order of the Czech National Bank pursuant to § 11a (9) (b)."

40. in Paragraph 22, the following paragraph 2 is inserted after paragraph 1:

"(2) By decree, the Czech National Bank shall determine the content of the report on the verification of the Bank's management and control system referred to in paragraph 1 (b) and (c), the manner, structure and periodicity of its processing and the deadline for its submission."

Paragraphs 3 to 6 shall be renumbered paragraphs 4 to 7.

41.Paragraph 22 (3) reads as follows:

"(3) The Czech National Bank may waive or limit the verification requirement under paragraph 1 (b) to certain components thereof. The administrative rules shall not apply to procedures for remission or limitation of the verification requirement. The Czech National Bank shall notify the Bank by 30 April of the relevant calendar year of its intention to forgive or limit the verification requirement of paragraph 1 (b). The Bank may submit reasoned comments on the intention of the Czech National Bank within 20 working days of its receipt. The Czech National Bank shall discuss the comments received within the specified time limit with the Bank and shall notify the Bank by 30 June of the calendar year concerned whether the verification of the system referred to in paragraph 1 (b) is to be omitted or limited by how the verification is to be carried out. ';

42. In the first sentence of Paragraph 22 (4), "Selected audit firm 'is replaced by" Selected auditor'.

43. In the first sentence of Article 22 (4), the words "audit firm 'are replaced by the words" auditor'.

44. In the second sentence of Paragraph 22 (4), the words "a new audit firm 'are replaced by the words" a new auditor'.

45. In the first sentence of Paragraph 22 (5), the words "an audit firm which" are replaced by "an auditor which."

46. In the second sentence of Article 22 (5), "audit firm 'is replaced by" auditor'.

Citation	Act No. 120 / 2007 Coll., on the amendment of certain laws in connection with the setting of capital requirements for banks, savings and credit cooperatives, securities dealers and electronic money institutions
Regulation Type	Law
Author	-
Collection	Code of Laws

Date of Promulgation	24.05.2007
Effective from	01.07.2007
Effective until	-
Status	Valid

Act No. 120 / 2007 Coll.

Act on the amendment of certain laws in connection with the setting of capital requirements for banks, savings and credit cooperatives, securities dealers and electronic money institutions

Contents

ČÁST PRVNÍ

Čl. I

„§ 8b

„§ 11a

„§ 12a

§ 12b

§ 12c

„§ 13

„§ 15

Contents

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