Act No. 151 / 1996 Coll.
Act amending and supplementing Act No. 248 / 1992 Coll., on Investment Companies and Investment Funds, as amended
Valid
Law
Effective from 01.07.1996
Contents
Čl. I
㤠1
㤠2
㤠5a
§ 5b
§ 5c
§ 5d
§ 5e
㤠17
㤠21
§ 25
㤠26
㤠26a
㤠27
㤠29
㤠30
㤠31
㤠32
㤠33
㤠33a
§ 33b
㤠34
㤠35
㤠35a
§ 35b
§ 35c
§ 35d
§ 35e
§ 35f
§ 35g
§ 35h
§ 35i
„ČÁST DEVÁTÁ
§ 36
㤠36a
§ 37
㤠37a
§ 37b
§ 37c
§ 37d
§ 37e
§ 37f
§ 37g
§ 37h
§ 37i
§ 37j
§ 37k
§ 37l
§ 37m
Čl. II
Čl. III
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151
THE LAW
of 26 April 1996
amending and supplementing Act No. 248 / 1992 Coll., on Investment Companies and Investment Funds, as amended
Parliament has decided on this law of the Czech Republic:
Act No. 248 / 1992 Coll., on Investment Companies and Investment Funds, as amended by Act No. 591 / 1992 Coll. and Act No. 61 / 1996 Coll., is amended as follows:
1. Paragraph 1, including footnote 1, reads as follows:
(1) Investment companies and investment funds are trading companies whose business is collective investment carried out on the basis of an authorisation issued by the Ministry of Finance (hereinafter referred to as the Ministry).
(2) The investment company takes the form of a public limited company.
(3) The investment fund takes the form of a public limited company.
(4) The provisions of the Commercial Code shall apply to the investment company and the Investment Fund, (1) unless otherwise provided for in that law.
1) Act No. 513 / 1991 Coll., Commercial Code, as amended. '
2.
Collective investment
(1) Collective investment means a business the exclusive object of which is the collection, storage and disposal of funds by this law, as well as the disposal of assets acquired by such disposal for other assets.
(2) Collective investment is also considered to be the management of assets in a mutual fund and the management of assets in an investment fund carried out by an investment company under an investment company's asset management contract (hereinafter referred to as the "management contract ') under Paragraph 5b. Property management means the management and management of property. This activity may be the sole object of the investment company's business.'
3.
"(1) A business activity other than collective investment shall not be carried out by an investment company or an investment fund, unless otherwise provided by this law. ';
4. Paragraph 3 (2), including footnote 2, reads:
"(2) The business activities referred to in Article 2 (1) which are the subject of securities may only be carried out by investment companies and investment funds through broker.2)
2) Paragraph 49 (1) of Act No. 591 / 1992 Coll., on Securities, as amended. '
5. In Paragraph 4 (1), the words "established as a public limited company 'are deleted; Article 4 (2) is deleted.
Paragraph 3 shall become paragraph 2.
6. In Article 5 (2), the words "including in the case of book-entry securities registered in the account of the holder of the book-entry securities held for the mutual fund" shall be added after the words "(11)."
7. In Article 5 (3), the words "administration 'and" administration' are replaced by the words "management 'and" management'.
8. The following Sections 5a to 5e are inserted after Section 5, including Notes 3a), 3b), 3c), 3d), 3e), 3f) and 3g):
Subject matter of investment company business
(1) Depending on the scope of the authorisation granted under Paragraph 8 (1), an investment company is entitled to:
(a) to collect money by issuing units, to create mutual funds from the funds thus collected and to manage assets in mutual funds according to the Statute of those funds, unless otherwise provided for by this law;
(b) to manage the assets of investment funds under management contracts;
(c) to manage the assets of pension funds to the extent provided for by special law 3a) under management contracts (§ 5b);
(d) to buy, sell, borrow and borrow securities for your own account.
(2) An investment company is required to farm assets in mutual funds and assets of investment funds or pension funds (hereinafter referred to as "asset-backed assets") in order to ensure the growth or yield of such assets in accordance with the investment policy guidelines set out in the Common Fund Statute or in the management contract and with compliance with the rules laid down for risk limitation and distribution (§ 24).
(3) An investment company is required to give priority to the interests of shareholders, investment funds and pension funds it manages over its own interests and the interests of its members.
(4) An investment company may not grant or use loans and loans from the assets it has acquired to secure its own obligations or obligations of third parties. An investment company may not use the assets it is carrying out to cover liabilities which are not directly related to the management of the assets.
(5) The liability for damage caused by the breach of property management obligations cannot be waived by the investment company.
Economic contract
(1) The management contract obliges the investment company to manage the assets of the investment fund or the assets of the pension fund, even without its instructions, and the investment fund or pension fund undertakes to pay it for that.
(2) The management contract must include the scope of the services to be provided by the investment firm to the investment fund or pension fund and the amount of the remuneration for the services provided or the way in which it is determined.
(3) The management contract may be concluded only for an indefinite period and may be terminated by either Party. The notice period shall be six months, unless a shorter notice period has been agreed in the contract.
(4) The provision of the preceding paragraph is without prejudice to the possibility of withdrawing from the contract under the Commercial Code. (3b)
(5) Unless otherwise provided for in this law, the provisions on the mandate contract shall apply to the management contract if the investment firm acts in the name and on behalf of an investment fund or pension fund or the agency contract if the investment firm acts in its own name on behalf of the investment fund or pension fund. (c)
Optional and forward transactions
(1) An investment company may conclude term 3d and option trading3e for a holding fund to limit risks arising from adverse developments in securities and foreign exchange rates in connection with the management of assets in the holding fund.
(2) Where the futures and options referred to in paragraph 1 can be concluded on the public market, the investment company shall only be obliged to conclude them on the public market.
(3) The provisions of paragraphs 1 and 2 shall apply mutatis mutandis to investment funds.
Securities lending
(1) An investment company may borrow for a maximum period of 30 days securities from the holding fund that it manages.
(2) The securities lending contract (3f) must also include:
(a) the amount of the remuneration for securities lending;
(b) the obligation on the debtor to transfer the proceeds of the securities lent to the current account of the mutual fund with the depositary at the time of maturity;
(c) the obligation on the debtor to allow the investment firm to exercise the rights associated with the securities lent properly and in a timely manner;
(d) providing sufficient security in case the debtor fails to return the securities in due time.
(3) The provisions of paragraphs 1 and 2 shall apply mutatis mutandis to investment funds.
Loans and loans secured by security transfer
(1) The contract for the provision of credit or loans secured by the collateral transfer of securities (3g) shall contain:
(a) the date on which the loan or loan was granted and the due date or the manner in which the date will be determined;
(b) the amount due;
(c) the interest rate agreed between the Contracting Parties or the rule for its determination;
(d) identification of the type and number of securities transferred;
(e) the obligation on the debtor to transfer the proceeds of the securities transferred to the current account of the mutual fund with the depositary at the time of maturity;
(f) an obligation on the debtor to partially repay the loan or loan or to supply the creditor with additional securities at market prices below the agreed level;
(g) the obligation of the creditor to transfer the securities to the debtor upon payment of the amount due.
(2) Only the securities referred to in Article 17 (1) may be accepted to secure a loan or loan.
(3) The provisions of paragraphs 1 and 2 shall apply mutatis mutandis to investment funds.
3a) § 33 of Act No. 42 / 1994 Coll., on supplementary pension insurance with a State contribution and on amendments to certain laws related to its implementation.
3b) § 344 et seq.
3c) § 566 et seq. and § 577 et seq.
3d) Paragraph 14 (4) of Act No. 591 / 1992 Coll., on Securities, as amended.
3e) § 15 paragraph 2 of Act No. 591 / 1992 Coll.
3f) § 16a of Act No. 591 / 1992 Coll.
3g) § 553 of Act No. 40 / 1964 Coll. '.
9. In Article 6, the word "sell 'is replaced by" issue'.
10. Article 7 (3) reads as follows:
"(3) The investment fund shall manage its own assets or may entrust the management of its assets to investment firms under the management contract. ';
11. Article 7 (4) reads as follows:
"(4) Investment fund shares are publicly negotiable. The statutes of companies cannot limit their transferability. The investment fund shall not issue priority and employee shares. ';
12. Article 7 shall be added to paragraph 6:
"(6) The Investment Fund may not grant loans from its assets or guarantee its assets for the liabilities of third parties. Only short-term loans or loans and loans under Section 5e with a maturity of no more than six months may be accepted by the Investment Fund to cover temporary needs. The total of loans received shall not exceed 10% of the assets of the IF. ';
13. in Article 8 (2), the words "Central Authority of the Czech Republic or Central Authority of the Slovak Republic, which shall determine the law of the Czech National Council or of the Slovak National Council (hereinafter referred to as the" competent national authority ")" shall be replaced by the words "Ministry."
14. in Article 8 (4), the words "or documents proving the establishment of a limited liability company" shall be deleted and after the words "Fund (Article 15)" shall be added the following words: "in the case of an investment fund or a closed mutual fund, the prospectus shall also be added 4)."
Note 4:
"4) § 74 of Act No. 591 / 1992 Coll. '.
15. in Article 8 (6), (7) and (9) and in Article 9 (1), the words "competent State authority" shall be replaced by "Ministry."
16. Paragraph 8 (9) reads as follows:
"(9) The choice or appointment of new members in the bodies referred to in paragraph 3 (d) shall be notified in writing by the investment company or investment fund to the Ministry within 10 days, together with evidence demonstrating compliance with the conditions set out in paragraphs 3 (d) and 29. The choice or appointment must be approved by the Ministry and if the Ministry notifies the investment company or investment fund in writing within 20 days of receipt of the written notification that it does not agree to the choice or appointment, the choice or appointment shall cease to be valid. The Ministry shall only assess the aspects referred to in paragraphs 3 (d) and 29 at the time of approval. '
17.
"(4) The name of the mutual fund shall include the name of the investment company and the type of mutual fund, indicating the words" open mutual fund "or" closed mutual fund. "'.
18. In Article 9, the following paragraph 5 is inserted after paragraph 4:
"(5) The words" open mutual fund "or" closed mutual fund "and their translations shall not be used by anyone other than an investment company to describe their activities."
Paragraph 5 shall become paragraph 6.
19. In Paragraph 11 (2), the sentences of the second and third shall be deleted.
20. Paragraph 11 shall be added to paragraph 5, including footnote 4a):
"(5) The units of the closed holding fund are publicly negotiable. (4a)
4a) § 71 of Act No. 591 / 1992 Coll. '
21. In Paragraph 12 (1), the word "selling" is replaced by "issuing" and the words "opening of the sale" are replaced by "emise4b)," and in Paragraph 12 (3), the word "selling" is replaced by "issuing."
Note 4b:
"4b) § 5 (1) of Act No. 591 / 1992 Coll. '.
22. Paragraph 12 (2) reads as follows:
"(2) After the time limit referred to in paragraph 1, the investment company shall issue a share note for an amount corresponding to its share of the assets in the mutual fund less the liabilities. Securities held in the holding fund shall be valued in accordance with the procedure laid down in Article 17 (5). This amount may be increased by the premium referred to in the holding fund rules. ';
23. In Section 14, the word "Administration 'is replaced by" Management'.
24. in Article 14 (1) and (2), the word "administration" is replaced by the word "management."
25. in Article 14 (1) (c), the words "Federal Ministry of Finance" shall be replaced by the words "Ministry" and part of the sentence after the words "these items" shall be deleted;
Article 26 (14) (3) reads as follows:
"(3) An investment company may accept short-term loans or loans and loans under Paragraph 5e with a maturity of no more than six months to meet the temporary needs associated with the management of assets in the mutual fund. The total of the loans received shall not exceed 10% of the holding fund assets. ';
27. In Section 16, the words "and the prospectus' shall be inserted after the word" Fund '.
28. in Article 16 (1), the following point (d) is inserted after point (c):
"(d) an indication of the public tradeability of the units of the mutual fund or of the shares of the investment fund;"
Points (d), (e) and (f) shall be renumbered as points (e), (f) and (g).
29. in Article 16 (1) (e), the word "managing" is replaced by the word "managing" and in point (g), the word "publishing" is replaced by "publishing."
30. in Article 16 (2) (b), "administration" is replaced by "management."
31. in Article 16 (2), the following point (c) is added:
"(c) the time and place of maturity of the profit or loss of the units, where the share of the income under the Statute is paid to the unit-holders and where the units are issued in book-entry form, as well as the provisions on the relevant date. (c)
4c) § 87a of Act No. 591 / 1992 Coll. '.
32. in Article 16 (3), the words "competent State authority" and "competent State authority" are replaced by the words "Ministry" and "Ministry" and the following paragraphs 4 and 5 are added:
"(4) The prospectus referred to in Paragraph 8 (4) need not contain the information contained in the Fund's Statute.
(5) Before granting an authorisation pursuant to Articles 8 (1) and 9 (1), the issuer may not publish a prospectus. "
33. Paragraph 17, including Notes 4d, 4e and 4f, reads as follows:
Property in the mutual fund and assets of the IF deposited in securities
(1) Property held in a mutual fund and assets held in securities may consist only of:
(a) government bonds and bonds for which the State has taken over the guarantee;
(b) mortgage bonds;
(c) bonds issued by the Czech National Bank and the banks;
(d) other publicly negotiable bonds, 4d)
(e) publicly traded shares;
(f) bonds issued by or central banks of the European Union;
(g) foreign securities, 4e) traded on a foreign public market, provided that the choice of that public market has been approved by the Ministry. When selecting a foreign public market, the Ministry shall in particular assess the credibility of the public market and the focus of its organised business.
(2) Paragraph 1 (f) and (g) is without prejudice to the provisions of a special law. 4f)
(3) Where publicly marketable securities referred to in paragraph 1 cease to be publicly negotiable, the investment company and the investment fund shall sell those securities no later than six months after the date on which those securities cease to be publicly negotiable.
(4) The investment company and the investment fund are obliged to buy the security at the lowest price at which it could be purchased in the event of professional care and sold only at the highest price at which it could be sold in the event of professional care.
(5) In order to calculate the value of the securities held in the mutual fund or the assets of the IF, the provisions of the special regulation issued by the Ministry shall apply.
4d) § 71 of Act No. 591 / 1992 Coll.
4e) § 1 (g) of Act No. 219 / 1995 Coll., Foreign Exchange Act.
4f) Act No. 219 / 1995 Coll. '.
Article 34 (21) reads:
Where the value of an asset in a mutual fund or an investment fund's assets changes as a result of changes in securities or changes in foreign exchange rates, valuation of real estate and movable property, this change in accounting shall be recognised as a valuation difference of the assets in a separate account. ';
Article 35 (2) reads as follows:
"(2) Where the management of an investment company with a holding fund or the management of an investment fund ends in losses, the value of the assets in the holding fund shall be reduced or used to cover the loss of the investment fund's other own resources; if not sufficient, the loss shall be covered by a reduction in the capital. ';
36. in Article 24 (1), the words "The value of publicly marketable securities (§ 17 (1) and (5)) of the same issuer" shall be replaced by the words "The value of securities (§ 17 (1) and (5)) of one type issued by the same issuer";
37. in Article 24 (3), the words "issued by the same issuer" are replaced by the words "of one type issued by the same issuer."
38. In Article 24 (4), the words "or a procurer" shall be added after the words "Supervisory Board."
39. Paragraph 24 (5) reads as follows:
"(5) The investment company must ensure:
(a) the value of securities (Paragraph 17 (1) and (5)) of one type issued by the same issuer shall not be more than 20% of the assets in the holding funds it manages, which shall not apply to sovereign debt;
(b) there shall be no more than 20% of the total nominal value of securities of one type issued by the same issuer in the holding funds it manages. "
40. Paragraph 24 deleted paragraph 6.
Paragraph 7 shall become paragraph 6 and read:
"(6) An investment company shall not buy in the assets of a mutual fund the units of other mutual funds or shares of investment companies and investment funds, as well as shares of public limited-liability companies having more than 25% of the equity interest in that investment company. The investment company may not participate in any other investment company. ';
(41) Paragraph 24 shall be added in paragraph 7:
"(7) The restriction provided for in paragraph 6 shall apply mutatis mutandis to the investment fund."
42. In Paragraph 24 (8), the word "purchases' is replaced by" exchanges'.
43. In Article 24 (9), the words "to the competent State authority 'are replaced by the words" to the Ministry' and the words "6 'are replaced by the words" 7'.
44. Article 24 (10) reads as follows:
"(10) Where an investment firm manages assets of a pension fund or investment fund, it shall not exercise voting rights arising from shares held by that pension fund or investment fund. ';
45. Paragraph 24 (11) shall be deleted.
46. Paragraph 25, including the title and note No 4g, reads:
"Information obligation of the investment company and investment fund
(1) An investment company is required to publish a report on its management and on the management of the holding funds it manages within a maximum of two months after the end of the half-year and within three months after the end of the calendar year. In the annual report, the investment firm shall publish its financial statements and the accounts of the mutual funds it manages together with the audit report. If the audit is not completed within three months of the end of the calendar year, the investment firm shall publish the audit report immediately after the audit has been completed.
(2) For investment companies and mutual funds, the annual report also provides an overview of the results of the last three years.
Contents
Čl. I
㤠1
㤠2
㤠5a
§ 5b
§ 5c
§ 5d
§ 5e
㤠17
㤠21
§ 25
㤠26
㤠26a
㤠27
㤠29
㤠30
㤠31
㤠32
㤠33
㤠33a
§ 33b
㤠34
㤠35
㤠35a
§ 35b
§ 35c
§ 35d
§ 35e
§ 35f
§ 35g
§ 35h
§ 35i
„ČÁST DEVÁTÁ
§ 36
㤠36a
§ 37
㤠37a
§ 37b
§ 37c
§ 37d
§ 37e
§ 37f
§ 37g
§ 37h
§ 37i
§ 37j
§ 37k
§ 37l
§ 37m
Čl. II
Čl. III
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Regulation Information
| Citation | Act No. 151 / 1996 Coll., amending and supplementing Act No. 248 / 1992 Coll., on Investment Companies and Investment Funds, as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 03.06.1996 |
|---|---|
| Effective from | 01.07.1996 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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