Act No. 137 / 2014 Coll.
Act amending Act No. 190 / 2004 Coll., on Bonds, as amended
Valid
Effective from 01.08.2014
137
THE LAW
of 18 June 2014
amending Act No. 190 / 2004 Coll., on Bonds, as amended
Parliament has decided on this law of the Czech Republic:
Act No. 190 / 2004 Coll., on Bonds, as amended by Act No. 378 / 2005 Coll., Act No. 56 / 2006 Coll., Act No. 57 / 2006 Coll., Act No. 296 / 2007 Coll., Act No. 230 / 2008 Coll., Act No. 227 / 2009 Coll., Act No. 172 / 2012 Coll., Act No. 227 / 2013 Coll. and Act No. 303 / 2013 Coll., is amended as follows:
1. In Article 2 (1), the word "fungible ', the words" (hereinafter referred to as "paper-based bond') 'and the words" (hereinafter referred to as "book-entry bond') 'shall be deleted and the words" its issuer' shall be replaced by the words "corresponding to the nominal value of its issuer, either at one or at a time, ';
2. In Article 2, the following paragraph 2 is inserted after paragraph 1:
"(2) Bonds may only be fungible."
Paragraphs 2 and 3 shall become paragraphs 3 and 4.
3. In Article 2, at the end of paragraph 3, the sentence "In the reverse of the paper bond, the identification of the acquirer shall be indicated."
4. In the first sentence of Paragraph 2 (4), the words "the same date 'are replaced by the words" the same moment' and in the second sentence, the words "with which the same rights are attached 'are inserted.
5. The heading of Section 3 reads: "Accessibility of emission conditions."
6. In Article 3, the current text becomes paragraph 1 and the following paragraphs 2 and 3 are added:
"(2) Where, at the latest at the date of issue of the bonds, a bond prospectus (hereinafter referred to as the prospectus) is published and their emission conditions are made available on the issuer's website by the same date at the latest, disclosure on the medium of information referred to in paragraph 1 shall not be required. In this case, however, the issuer shall ensure that the emission conditions are made available on this website free of charge and unchanged at least permanently until the maturity date of those bonds and are in the form of a data file suitable for downloading in a commonly used format.
(3) Where a bond holder so requests, the issuer shall be obliged to provide it with one copy of the current issue terms of those bonds free of charge. ';
7. Sections 5 and 6, including the headings, read:
Types of bonds
Bonds issued by the same issuer with the same rights form one type.
Forms of the bond
(1) The debt shall include at least:
(a) the designation "bond," not of the mortgage lien, the Treasury voucher or the Czech National Bank voucher;
(b) an indication of the type of bond which may also be indicated by reference to the emission conditions, if not a bond with which no special right is attached;
(c) data identifying the issuer;
(d) the nominal value as the amount due; This is not required in the case of a collection bond, if the nominal value of the entry in the relevant register,
(e) the yield of the bond or indication that the yield is determined by the difference between the nominal value of the bond and its lower issue rate; or it is at least clear from the bond that the bond is without yield or where it is possible to familiarise itself with how the yield is determined,
(f) the date or other time of repayment (hereinafter referred to as "maturity date") of the amount due (repayment of the bond);
(g) data identifying the holder of the bond, if not for a bond issued as a book-entry or collection bond;
(h) the signature of the issuer, not of a bond issued as a book-entry paper or collection bond;
(i) the code name of the bond, if not the bond issued as a book-entry or collection bond; and
(j) the date of issue.
(2) For a book-entry bond, it is sufficient that the data referred to in points (a) to (f) and (j) of paragraph 1 are identifiable from the relevant book-entry of the book-entry bonds.
(3) If a mass bond has been issued, this bond also contains an indication of how many bonds it replaces and what kind of bonds it replaces.
(4) In order to assess whether a bond is properly issued, it shall not affect whether it contains the particulars referred to in paragraph 1, if it contains at least the particulars referred to in points (c) to (h) of paragraph 1, or if such data are identifiable from the relevant records of book-entry securities; paragraphs 2 and 3 shall be without prejudice to this. ';
8. The heading of Section 7 reads: "Total nominal value of bond issuance."
9. in Article 7 (1) (a), the words "less volume of issue" are replaced by the words "less total nominal value of bond issuance" and the words "projected volume of issue" are replaced by the words "expected total nominal value of bond issuance."
10. in Article 7 (1) (b), the words' greater volume of issue 'are replaced by' greater total nominal value of bond issuance ';
11. in Article 7 (2), the words "and if the deadline for subscription is not sufficient" shall be inserted after the words "or (c)."
12. In Article 7, the following paragraph 5 is added:
"(5) An indication of the estimated total nominal value of the issuer's bond issue shall be made available to investors, together with the terms and conditions of the issue, in the manner in which it makes these terms and conditions available.";
13. in Article 8, the words "such bonds (hereinafter referred to as the prospectus)" shall be deleted;
14. in Paragraph 9 (1) (a), "(d) and (f) to (j)" shall be replaced by "(f) and (j)";
15. in Article 9 (1) (e):
"(e) information on how the bond yield is determined or that the bond is without yield;"
16. in Article 9 (1) (f), "repayment" is replaced by "remuneration."
17. in Article 9 (1) (g):
"(g) information on how and where the bond is to be repaid;"
18. in Paragraph 9 (1) (i), the word "unambiguous" shall be deleted;
19. in Article 9 (1), the following point (j) is inserted after point (i):
"(j) the identification mark of the bond under the international numbering system for the identification of securities and book-entry securities, if assigned;"
Points (j) to (l) shall be renumbered as points (k) to (m).
20. in Articles 9 (2) (b) and 35 (2), the words "volume of issue" are replaced by the words "total nominal value of bond issuance."
21. in Article 9 (2), the following point (c) is inserted after point (b):
"(c) information on when, how and where the yield of the bond is to be paid unless the yield is determined by the difference between the nominal value of the bond and its lower emission rate;"
Points (c) to (p) shall be renumbered (d) to (q).
22. in Paragraph 9 (2) (m), "inclusive" is replaced by "possibly i."
23. Sections 12 and 13, including the title, read:
"Doubts about the content of the special right associated with the bond
(1) In case of doubt as to the content of the special right attached to the bond, the court may, on application by the holder of the bond:
(a) decide what special right is associated with the bond if it is apparent from the circumstances that such a right expresses or is closest to the will contained in the emission conditions; or
(b) if it is not possible to proceed under (a) to decide that the bond is a bond with which no special right is attached.
(2) The procedure referred to in paragraph 1 shall be the procedure provided for in Paragraph 83 (2) (d) of the Civil Code.
(3) The indication of the initiation of proceedings referred to in paragraph 1, together with the file mark, the indication of the competent court and the subject matter of the dispute, shall be made available by the issuer, without undue delay after the initiation of the proceedings, on the same website on which it made the emission conditions available, so that the requirements referred to in the second sentence of Paragraph 3 (2) or in the manner in which it made the emission conditions available are met by analogy. In the same way, the issuer shall make the judgment of the court available in this case with a mark of legal authority.
(4) Where a natural person is a party to the proceedings referred to in paragraph 1, the issuer shall only make the name available from its personal data.
(1) If the court decides pursuant to Article 12 (1) (b), the holder of a bond of a type of which it has been decided may, within 1 month of the date on which the issuer made the decision available to the court in accordance with Article 12 (3), require the issuer to purchase the bond at a reasonable price from it, unless the doubt was already apparent at the time when the issuer obtained the bond. The issuer shall purchase the bond from the bond holder within 15 working days of the date on which the contract was concluded.
(2) If the issuer fails to comply with the obligation laid down in paragraph 1 or does not make the issuer available the decision referred to in Article 12 (1) (b) in accordance with the second sentence of Article 12 (3) within one month of the date of the acquisition of its legal power, the creditor of the bond may seek the conclusion of a contract in court or claim compensation for harm, no later than six months from the date on which the issuer's application for the conclusion of the contract was reached. ';
24. In Section 16, the words "to be determined 'are replaced by the words" to be determined'.
25. In Paragraph 19, the words "early maturity conditions' shall be added at the end of paragraph 2.
26. In Article 19 (3), the words "including the proportional yield 'are deleted and the words" at the end of the text of paragraph 3' are added; unless otherwise stated in the emission conditions, a proportional return may also be requested '.
27. in Paragraph 21 (1), the word "or" shall be deleted at the end of point (e).
28. In Paragraph 21 (1), the dot at the end of point (f) is replaced by "or 'and the following point (g) is added:
"(g) other amendments defining the emission conditions;"
29. In Article 21 (2), the words "if it is a case referred to in paragraph 1," shall be inserted after the words "convene."
30. In Article 21, the following paragraph 7 is added:
"(7) Under emission conditions, the range of changes of a fundamental nature referred to in points (b) to (f) of paragraph 1 may be adjusted by derogation. ';
31. in Paragraph 22 (3) (a), "(a)" is replaced by "(c)";
32. In the second sentence of Article 23 (5), the word "established 'is replaced by" designated'.
33. in the first sentence of Article 23 (6), the word "(f)" shall be replaced by "(g)" and the word "established" shall be replaced by "designated."
34. The heading of Part Two reads: "SPECIAL CATEGORIES OF DLUHOPIS."
35. In Paragraph 25, at the end of paragraph 4, the words "that is not the case if it is the law governing budgetary rules'.
36. in Paragraph 25 (7), the words "Paragraph 7 (3)," shall be deleted and the words "(j) to (l)" shall be replaced by the words "(k) to (m)";
37. in Paragraph 26 (1), the first sentence is replaced by the following: "The Czech Republic issues government bonds via the Ministry. The issue terms of government bonds shall be determined by the Ministry. '.
38. In the third sentence of Paragraph 26 (1) and in the second sentence of Paragraph 26 (2), the word "release 'is replaced by the word" identify'.
39. in the last sentence of Article 26 (1) and (2), the words "(c), (d), (g) and (i) and in accordance with Article 9 (1) (e)" shall be replaced by the words "(d), (f) and (j), and under Article 9 (1) (g) and (j)";
40. In Article 26 (3), the words "unless it is necessary under Articles 9 (1) (f) and (i) and 9 (2) (j) 'are inserted after the words" government bonds'.
41. In Article 26, paragraphs 7 and 8 are added:
"(7) Where the transferability of sovereign debt is excluded or limited, emission conditions may also exclude the possibility of establishing a lien on sovereign bonds, or, at the same time, where it determines the conditions under which the establishment of a lien is permitted, it also limits that possibility. The limitation or exclusion of the possibility of establishing a lien to sovereign debt is binding on everyone.
(8) The transfer of a sovereign bond in breach of paragraph 6 or the establishment of a lien to a sovereign bond in breach of paragraph 7 shall not be taken into account. "
42. In Paragraph 34, the sentence "The terms and conditions of the issue may determine a different order of satisfaction for subordinated debt claims, including in relation to the satisfaction of other claims, including claims on other subordinated bonds, or differently in relation to the claim corresponding to the right to repayment of the bond and other rights associated with the bond 'is added at the end of paragraph 3.
43. The following Section 36a is inserted after Section 36:
(1) As regards the share of the collected bond, the lien is established by entering in the register in accordance with Paragraph 36 at the order of the lien debtor. Where an order is filed by a lien creditor, by a personal debtor or by a lien, the lien shall be registered if the originator provides evidence of the establishment of a lien.
(2) The lien referred to in paragraph 1 shall be removed from the register at the order of the lien creditor. Where an order is filed by a lien debtor, by a personal debtor or by a lien, the lien shall be deleted if the originator proves that a fact has occurred that otherwise causes the lien to cease. ';
44.
(1) A security or book-entry security which is not an exchangeable bond and with which there is a right to repayment of a certain amount due which is even partially dependent on whether or not a particular circumstance occurs shall not be considered a bond.
(2) For a security or book-entry security with which the right to repayment of a certain amount due is linked and which is not a bond, that law or its individual provision may apply only if the emission conditions of those securities or book-entry securities so apply; However, such a security or book-entry security shall not contain the designation of a bond. ';
Transitional provision
Legal relations on bonds issued before the date of entry into force of this Act, as well as on the emission conditions of bonds published or otherwise made available before the date of entry into force of this Act, shall be assessed in accordance with existing legislation.
Efficacy
That law shall take effect on the first day of the first calendar month following its publication.
z. Jerman v. r.
Zeman v. r.
Sobotka v. r.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Act No. 137 / 2014 Coll., amending Act No. 190 / 2004 Coll., on Bonds, as amended |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 22.07.2014 |
|---|---|
| Effective from | 01.08.2014 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0