Government Regulation No. 133 / 2017 Coll.
Government Regulation amending Government Regulation No 243 / 2013 Coll., on investment of investment funds and on techniques for their management, as amended by Government Regulation No 11 / 2014 Coll.
Valid
Effective from 01.06.2017
133
GOVERNMENT REGULATION
of 10 April 2017
amending Government Regulation No 243 / 2013 Coll., on investment funds and techniques for their management, as amended by Government Regulation No 11 / 2014 Coll.
The Government orders pursuant to § 215 paragraph 2 and § 284 paragraph 2 of Act No. 240 / 2013 Coll., on investment companies and investment funds, as amended by Act No. 336 / 2014 Coll., Act No. 377 / 2015 Coll., Act No. 148 / 2016 Coll. and Act No. 368 / 2016 Coll.:
Government Regulation No 243 / 2013 Coll., on investment of investment funds and on techniques for their management, as amended by Government Regulation No 11 / 2014 Coll., is amended as follows:
1. In Paragraph 1 (1) of the Introductory Part of the provision, the words "requirements for qualitative criteria 'are replaced by the words" qualitative requirements for'.
(2) footnotes 2 to 14, 17, 19, 21 to 23 and 25 are deleted, including the references to those footnotes.
3. in Article 1 (1) (a) of the Introductory Part of the Provisions, point (b) (c) of the Introductory Part of the Provisions, points (d), (g) and (h), the word "rules" is replaced by the word "rules."
4. In Article 1 (1) (f), the words "rules for use 'are replaced by the words" rules for use'.
5. in § 1 (1) (a) (1), § 1 (1) (d), § 1 (3) (a), § 22 (2) (b), § 25 (3) and § 65 (2) (b), the words "property values" shall be replaced by "items."
6. in Articles 1 (1) (a) (2), 1 (3) (b) and 3 (1) (d), the words "property values" are replaced by the words "items."
7. in Article 1 (1) (e), "technician" is replaced by "technician."
8. in Paragraph 1 (1) (h), the word "standard" shall be deleted;
9. in Paragraph 1 (1) (i), "limits" is replaced by "limits."
10. in Article 1 (2), the words "the requirements for the qualitative criteria of the rules, techniques and limits referred to" shall be replaced by "the qualitative requirements for the rules, techniques and limits referred to therein."
11. in Paragraph 1 (3) of the introductory part of the provision, the words "requirements for qualitative criteria of rules" are replaced by the words "qualitative requirements of rules."
12. in Paragraph 1 (4):
"(4) In addition, this Regulation shall provide for a qualifying investor fund whose manager is entitled to exceed the applicable limit, the qualitative requirements for the limits for the use of leverage on the account of that fund and for the provision of investment instruments from the assets of that fund as financial collateral or comparable collateral under the law of a foreign State or other collateral. ';
13. In Article 1, the following paragraph 5 is added:
"(5) Where this Regulation applies the concept of:
(a) a standard fund, which shall be understood to mean, in the case of a standard fund which creates sub-funds, a sub-fund of a standard fund;
(b) a foreign investment fund, in the case of a foreign investment fund, which creates facilities comparable to those of sub-funds; in so doing, the establishment is not comparable to the sub-fund if the assets in that establishment are to be used to meet the debt which is not the debt of that establishment;
(c) a collective investment fund, meaning, in the case of a collective investment fund which creates sub-funds, a collective investment fund sub-fund;
(d) a special fund, which shall be understood as constituting a special fund,
(e) real estate fund, which is understood to mean, in the case of a real estate fund which creates sub-funds, a real estate fund sub-fund;
(f) an MMF, meaning, in the case of an MMF that creates sub-funds, an MMF;
(g) a short-term money market fund, meaning, in the case of a short-term money market fund created by sub-funds, a short-term money market fund,
(h) a qualifying investor fund, meaning, in the case of a qualifying investor fund that creates sub-funds, a qualifying investor fund sub-fund. ';
14. In Part Two, Title I, the title of Episode 1 reads "Things."
15. in Articles 2 (1), 2 (2) (d), 32 (2) and 45 (1) (a), the words "property value" are replaced by the words "the case."
16. Paragraph 2 (5) is deleted.
17. in Article 3 (1) (c), the word "issued" shall be replaced by "which is a security or a book-entry security issued."
18. in Article 3 (1), the words "if the investment security fulfils the condition set out in (a) or (b)" shall be added at the end of the text in point (c).
19. in § 3 (1) (d), § 10 (2) (c), § 16, § 22 (2) (b), § 32 (4), § 33 (4), § 45 (2) (d), § 65 (2) (b) and in § 81 (1), the words "property values" are replaced by the words "items."
20. in Article 3 (1) (d), the words "if the investment security meets the condition in (a) or (b)" shall be inserted after the words "16."
21. in § 3 (2) (c) of the introductory part of the provision, the word "price" is replaced by the word "value."
22. in Article 3 (2) (c) (1), the words "the precise, reliable and normal price, which is the market price, or the price determined in a way that is independent," shall be replaced by "the reliable and regular valuation, which is the final rate declared on the market, or other independent valuation."
23. in Article 3 (2) (c) (2), "analysis of investment opportunities" is replaced by "investment research."
24. in Paragraph 3 (4):
"(4) In this Regulation the term" investment security 'does not include an investment security which is a security or a book-entry security issued by an investment fund or a foreign investment fund; This shall not apply if it is the investment security referred to in paragraph 1 (c).';
25. in Article 3, paragraph 5 is deleted;
26. In Article 4, the following paragraph 4 is added:
"(4) For the purposes of this Regulation, an investment security shall not contain a derivative unless it uses leverage in relation to the underlying asset. ';
27. in Article 12 (a), the words "asset value" are replaced by the words "case."
28. In Article 17 (1), the text "(Article 98) 'is inserted after the word" Fund'.
29. in Paragraph 21 (3), the words "investment fund" are replaced by the words "collective investment fund";
30. In Section 22 (1) of the introductory part of the provision, the words "12 a 'are deleted.
31. in Paragraph 22 (4), the words "asset value" shall be replaced by the words "Thing."
32. In Article 25 (4), the words "paragraphs 1 and 2 'are inserted after the words" paragraphs 1 and 2' and the words "and Article 22 (1) 'are replaced by the words" paragraphs 22 (1) and 23'.
33. In Paragraph 25, the following sentence is added at the end of paragraph 5: "In order to ensure the spread of risk, a derogation may be made from the limit laid down in Article 246 (1) of the Law on investment companies and investment funds, but for a maximum period of six months from the date of the creation of a standard fund, the status of which allows it to invest as a subordinate fund, or from the date on which the change in the status of a standard fund has taken effect, by allowing it to invest as a subordinate fund or in a different management fund than previously."
34. in Article 30 (2) (d):
"(d) the standard fund shall at all times be able to fulfil its obligation to transfer funds or deliver the underlying asset resulting from a financial derivative agreed on behalf of that fund.";
35. in § 31 (2), first sentence, § 33 (2), introductory part of the provision and in § 33 (3), the words "Property values" shall be replaced by the words "Cases."
36. in the second sentence of Paragraph 31 (2) and the last sentence, the word "value" shall be replaced by the word "things."
37. In Article 31, the following paragraph 3 is added:
"(3) Paragraph 2 shall not apply to securities and book-entry securities issued by a single issuer, where such securities or book-entry securities have been issued or have been guaranteed by a State, the territorial unit of a Member State or an international financial organisation of which one or more Member States is a member, provided that:
(a) this is specified in the Statute of the Standard Fund;
(b) a State, a Member State's territorial authority or an international financial organisation is expressly indicated in the Statute of the Standard Fund, in respect of which a limit of 20% of the value of the assets of the Standard Fund may be exceeded;
(c) are held at any time by a standard fund by securities or book-entry securities of at least 6 different issues; and
(d) securities and book-entry securities from one issue shall not account for more than 30% of the value of the fund's assets. "
38. In Article 32 (2), the words "or a bond issued by a State with an investment grade rating 'are replaced by" or a high-quality bond'.
39. In Paragraph 33 (2) (a), the word "a" is replaced by the words "high quality and, not for securities or book-entry securities accepted as financial collateral for the monetary operations of the Czech National Bank on the domestic money market,"
40. in Article 33 (2) (c), the words "neither the issuer to which a credit rating has been granted at a credit rating other than investment grade," shall be deleted;
Article 41 (34), including the title, reads:
Collateral on a financial derivative provided to a standard fund
Articles 31 (2) and (3), 32 (2) and (3) and 33 (2) and 33 (3) shall apply mutatis mutandis to items provided to the standard fund for the purpose of securing a financial derivative agreed on behalf of the standard fund. ';
42. In footnote 20, the words "IAS 39 - Financial Instruments: Recognition and Measurement and IAS 40 - Investment in Real Estate 'are replaced by the words" as amended'.
43. In Articles 35 (1) (a), 36 and 44 (1), the word "standard" shall be deleted.
44. In the title above the designation § 36, the words "Standard undertaking 'are replaced by the words" Obligatory'.
45. The heading "Total exposure of the subordinate fund 'is inserted under the title of Section 38.
46. In the introductory part of Section 38 of the provision, the words "standard commitment method," are deleted.
47. in Paragraph 43 (4), the words "according to international accounting standards governed by European Unionlaw 20" shall be added at the end of the text under point (b).
48. in Paragraph 43, the following paragraph 5 is added:
"(5) For the purposes of this Regulation, a monetary derivative shall mean a derivative whose underlying asset is a currency exchange rate or currency. ';
49. in Article 44 (1) and (2), the words "fund capital" shall be replaced by the words "assets."
50. In Part Three, Title I, heading 1 reads: "Things."
51. in Article 45 (1), the following point (b) is inserted after point (a):
"(b) a security or a book-entry security issued by a qualifying investor fund or a comparable foreign investment fund;"
Points (b) and (c) shall be renumbered (c) and (d).
52. Paragraph 45 (3) is deleted.
Paragraph 4 shall become paragraph 3.
53. In Article 45 (3), the words "and from which the right to settlement in cash or the right of at least one party to choose whether it wishes to settle in money 'are deleted.
54. In Section 47 and Section 63, the words "collective investment fund or comparable fund 'are replaced by the words" investment fund'.
55. in Paragraph 47 (3):
"(3) A security or a book-entry security issued by a qualifying investor fund or a comparable foreign investment fund may be acquired into the wealth of a special fund,
(a) where the qualifying investor fund or comparable foreign investment fund is managed by an operator authorised to exceed the applicable limit;
(b) if this fund of qualified investors or a comparable foreign investment fund is available in the Czech Republic; and
(c) where the fund of qualified investors or a comparable foreign investment fund, according to its Statute or a comparable document, invests only in matters which may be acquired into the assets of that special fund. ";
56. in Paragraph 47 (4), "1 to 3" is replaced by "1 and 2";
57. Paragraph 51 (2) is deleted and paragraph 1 is deleted.
58. In Paragraph 63, the following paragraph 5 is added:
"(5) No more than 10% of the value of the special fund assets may be invested in the securities or book-entry securities referred to in Paragraph 47 (3). '
59. In Paragraph 64 (1), "25% 'is replaced by" 50%', "collective investment fund 'is replaced by" investment fund' and "comparable 'is deleted.
60. Paragraph 64 (2) is deleted and paragraph 1 is deleted.
61. in Paragraph 65 (1) of the introductory part of the provision, the words "12 a" and "2 a" shall be deleted;
62. In Paragraph 70 (4), the words "in property values" are replaced by the words "in cases."
63. In Paragraph 70, at the end of paragraph 5, the sentence "For a special fund, the second sentence of Paragraph 25 (5) shall apply mutatis mutandis. 'is added.
64. In Paragraph 71 (1), the words "only from a person who is an eligible counterparty and is subject to supervision by the Czech National Bank, the supervisory authority of another Member State or the supervisory authority of another State 'are replaced by the words" with a maturity of less than 6 months'.
65. In Article 77 (1) (a), the words "which do not comply with the requirement of Article 30 (2) (a)" shall be inserted after the word "derivative."
66.Paragraph 77 (2) reads as follows:
"(2) The method of calculating the total exposure of the special fund is defined in Articles 6 to 11 and Annexes I to III to Commission Delegated Regulation (EU) No 231 / 2013 of 19 December 2012 supplementing Directive 2011 / 61 / EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositories, leverage effect, transparency and supervision; Paragraph 44 (1) shall apply mutatis mutandis to the special fund. ';
Article 67 (78), including the title:
Securing a financial derivative or commodity derivative provided to a special fund
Articles 31 (2) and (3), 32 (2) and (3) and 33 (2) and 33 (3) shall apply mutatis mutandis to items provided to a special fund for the purpose of securing a financial derivative or commodity derivative agreed on behalf of a special fund. ';
68. In Paragraph 79 (1), "only 'is replaced by" i'.
69. Paragraph 79 (4) is deleted.
70. Paragraph 80 (3) is deleted.
71.Paragraph 84 (3) is deleted.
72. In Part Five, the designation "TITLE I ', including the title, is deleted.
(73) Paragraphs 90 to 93, including the headings and footnotes No 24, are deleted.
Article 74 (95), including the title, shall be deleted.
75. In Part Five, Title II, including the title, is deleted.
76. In Section 98, the words "investment fund 'are replaced by the words" collective investment fund'.
77.In Section 98 of the Introductory Part of the Provisions, Section 98 (a) and Section 98 (b) of the Introductory Part of the Provisions, the words "Investment Fund 'are replaced by the words" Collective Investment Fund'.
78.In Article 98 (b) (1) and (2), the words "investment fund" are replaced by the words "collective investment fund."
79. In Paragraph 98, the existing text becomes paragraph 1 and the following paragraph 2 is added:
"(2) For the purposes of paragraph 1, only investment assets and investment debts shall be taken into account if they are a variable-capital joint-stock company which does not create sub-funds. ';
Efficacy
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Prime Minister:
Sobotka v. r.
1. Prime Minister for the Economy and Minister for Finance:
Ing. Babiš v. r.
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Regulation Information
| Citation | Government Regulation No. 133 / 2017 Coll., amending Government Regulation No. 243 / 2013 Coll., on investment of investment funds and on techniques for their management, as amended by Government Regulation No. 11 / 2014 Coll. |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 28.04.2017 |
|---|---|
| Effective from | 01.06.2017 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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