Act No. 160 / 2010 Coll.
Law amending certain laws in connection with the adoption of a Regulation of the European Parliament and of the Council on credit rating agencies
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Effective from 07.06.2010
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160
THE LAW
of 22 April 2010
amending certain laws in connection with the adoption of a Regulation of the European Parliament and of the Council on credit rating agencies
Parliament has decided on this law of the Czech Republic:
Amendment to the Capital Market Enterprise Act
Act No. 256 / 2004 Coll., on capital market business, as amended by Act No. 635 / 2004 Coll., Act No. 179 / 2005 Coll., Act No. 377 / 2005 Coll., Act No. 56 / 2006 Coll., Act No. 57 / 2006 Coll., Act No. 62 / 2006 Coll., Act No. 70 / 2006 Coll., Act No. 159 / 2006 Coll., Act No. 120 / 2007 Coll., Act No. 296 / 2007 Coll., Act No. 29 / 2008 Coll., Act No. 223 / 2009 Coll., Act No. 227 / 2009 Coll., Act No. 230 / 2009 Coll., Act No. 216 / 2008 Coll., Act No. 230 / 2008 Coll.
1. In Paragraph 1, the current text becomes paragraph 1 and the following paragraph 2 is added:
"(2) This Act further regulates, following the directly applicable regulation of the European Communities on credit rating agencies (2a) (hereinafter referred to as the" Regulation on credit rating agencies'), the conditions for the activities of a credit rating agency which has its registered office in the Czech Republic, the issuing of credit ratings and the competence and competence of the Czech National Bank in the area defined by the regulation on credit rating agencies.
(2a) Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies. ';
Footnotes 2a to 2g to date shall be renumbered as footnotes 2b to 2h, including the footnotes.
2. Paragraph 9 (8) reads as follows:
"(8) For the calculation of capital requirements by means of a credit assessment of a borrower issued by another person, a securities dealer shall use this credit assessment only if that other person is included in the list of credit assessment agencies maintained by the Czech National Bank under the law governing the activities of banks or if the use of such credit assessment is permitted by the law governing the activities of banks."
3. in Article 48 (i) (3), "120" is replaced by "119a, 119b, 120 to 120c."
4. The following Part Six is inserted after Part Five, including the title and footnotes 10i to 10m:
ISSUES OF RATINGS AND RATINGS
The credit rating, the regulatory purpose, the registration of the credit rating agency and the college of authorities in relation to the issue of credit ratings is defined by the Regulation on credit rating agencies (10i). The registration of a credit rating agency is referred to as the authorisation of a credit rating agency in this Act.
(1) The Czech National Bank is the competent authority under the Regulation on credit rating agencies (10j).
(2) Only a credit rating agency authorised under the regulation on credit rating agencies may issue credit ratings on the territory of the Czech Republic for regulatory purposes.
(3) The authorisation of a credit rating agency which has its registered office in the Czech Republic is decided by the Czech National Bank.
(4) The formalities for the application for authorisation of a credit rating agency, the manner and form of its submission and the language in which the application is submitted are defined by the Regulation on credit rating agencies 10k). The credit rating agency shall submit an application in the Czech and English languages 10l).
The credit rating agency, which has its registered office in the Czech Republic, complies with the guidelines issued by the European Securities Regulators Committee following the regulation on credit rating agencies 10m).
10i) Article 3 (1) (a) and (g), Articles 14 and 29 of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council.
10j) Article 22 of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council.
10k) Article 15 and Annex II to Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council.
10l) Article 15 (3) of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council.
10m) Article 21 (2) (d) and Article 21 (3) (d) of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council. ';
Parts 6 to 11 shall be renumbered as parts 7 to 12.
5. In Section 135 (1) of the Introductory Part of the provision, the words ", the Regulation on credit rating agencies or other directly applicable European Communities2 'shall be inserted after the words" this Act'.
6. in Paragraph 135 (1) (z), including footnote 22:
"(z) a credit rating agency which has its registered office in the Czech Republic and a person referred to in the Regulation on credit rating agencies 22) co-operating in the credit rating activities of that credit rating agency.
22) Point 1 of Section C of Annex I to Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council. ';
7. In Paragraph 135, the following paragraph 2 is inserted after paragraph 1:
"(2) The supervision of the Czech National Bank is also subject to a person who has unlawfully carried out or offered activities under this Act."
Paragraphs 2 and 3 shall become paragraphs 3 and 4.
8. The following Section 135b is inserted after Section 135a, including footnote 22c:
The authorisation and obligations of the Czech National Bank related to its membership in the College of Supervisors are laid down in the Regulation on credit rating agencies 22c).
(22c) Article 29 of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council. '
9. In Section 136 (1) of the Introductory Part of the provision, the words "or the directly applicable regulation of the European Communities in the field of the provision of investment services and activities on the markets of financial instruments (2) 'are replaced by the words", the Regulation on credit rating agencies or other directly applicable regulation of the European Communities in the field of financial market activities (2)'.
10. In Article 136 (4), the words "participation in a securities dealer pursuant to Article 11, a regulated market operator pursuant to Article 47 and a CSD pursuant to Article 104a 'are replaced by the words" qualifying holdings or to increase the qualifying participation in a securities dealer, a regulated market operator or a CSD or to become persons controlling a regulated market trader, a regulated market operator or a CSD'.
11. The following Section 145a is inserted after Section 145, including the title and footnote 22d:
Withdrawal of authorisation to a credit rating agency
Cases where the Czech National Bank withdraws or can withdraw authorisation from a credit rating agency which has its registered office in the Czech Republic and the withdrawal procedure are laid down in the regulation on credit rating agencies 22d).
22d) Article 20 of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council. '
12. In Part Nine, the following Part 6, including the title and footnote 22e, is added to Title 1:
Supervision of a credit rating agency based in another Member State of the European Union that issued the rating used in the Czech Republic for regulatory purposes
Within the limits of the regulation on credit rating agencies 22e) oversees a credit rating agency which has its registered office in another Member State of the European Union and has issued a credit rating used in the Czech Republic for regulatory purposes.
22e) Article 25 of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council. '
13. in Article 152a (1) (b) and in Article 198a (1) (c), "5" is replaced by "4."
14. in Article 157 (8), the following point (b) is inserted after point (a):
"(b) use a credit assessment for the calculation of capital requirements contrary to the law;"
Points (b) to (g) shall be renumbered (c) to (h).
15. The following Section 163a is inserted after Section 163, including the title and footnotes 22f and 22g:
Administrative offenses of a credit rating agency based in the Czech Republic
(1) A credit rating agency having its registered office in the Czech Republic shall commit an administrative offence by:
(a) not take the measures provided for in Article 6 (1) of the credit rating agencies Regulation;
(b) shall not ensure that the conditions laid down in Article 7 of the Regulation on credit rating agencies comply with:
1. credit rating analytics22f),
2. its staff,
3. other persons who provide services or participate in the performance of credit rating activities for them or under their orders;
4. the leading rating analytic22g); or
5. persons authorising credit ratings,
(c) they shall not disclose information pursuant to Article 8 (1) or (6) (a), Article 11 (1), Article 12 or Part II (E) of Annex I to the Regulation on credit rating agencies;
(d) when issuing a credit rating, it infringes the rules for the methodologies set out in Article 8 (2), (3), (4), (5) or (6) (b) or (c) of the credit rating agencies Regulation;
(e) outsourcing important operational functions in breach of Article 9 of the CRAs Regulation;
(f) infringes the rules on the disclosure and presentation of credit ratings laid down in Article 10 of the credit rating agencies Regulation;
(g) does not provide the information referred to in Article 11 (2) of the Regulation on credit rating agencies to the archives established by the Committee of European Securities Regulators;
(h) does not provide a client list pursuant to Article 11 (3) of the Regulation on credit rating agencies to the Czech National Bank or to the Committee of European Securities Regulators; or
(i) requires a fee for the provision of information in breach of Article 13 of the CRAs Regulation.
(2) A fine of up to CZK 20 000 000 shall be imposed for the administrative offence referred to in paragraph 1.
22f) Article 3 (1) (d) of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council.
22g) Article 3 (1) (e) of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council. '
16. In Section 167, the following paragraph 9 is inserted after paragraph 8:
"(9) The person referred to in Paragraph 135 (1) (z) shall commit an offence by:
(a) participate in a transaction with a financial instrument contrary to point 1 of Section C of Annex I to the credit rating agencies Regulation;
(b) participate in the granting of credit ratings contrary to point 2 of Section C of Annex I to the Regulation on credit rating agencies;
(c) request or accept an advantage contrary to point 4 of Section C of Annex I to the Regulation on credit rating agencies;
(d) not disclose the suspected infringements referred to in point 5 of Section C of Annex I to the credit rating agencies Regulation; or
(e) accept a position in, or related to, the rated entity contrary to point 7 of Section C of Annex I to the Regulation on credit rating agencies. ';
Paragraphs 9 to 11 shall be renumbered paragraphs 10 to 12.
17. in Article 167 (11) (c), the words "or paragraph 9" are replaced by the words "paragraph 9 or paragraph 10."
18. Part 11, including the title, shall be deleted.
Part 12 shall be renumbered as part 11.
19. In Paragraph 194, at the end of paragraph 1, the sentence "The administrative rules shall apply to proceedings under the regulation on credit rating agencies, unless otherwise provided for by this law or the regulation on credit rating agencies."
20. In Paragraph 194 (4), the words ", regulation on credit rating agencies or other directly applicable European Community regulation on financial market activities 2 'shall be inserted after the words" this Act'.
Transitional provision
A securities dealer and a foreign person who is established in a State which is not a Member State of the European Union and has the permission of the Czech National Bank to provide investment services through an organisational component shall ensure that the obligation laid down in Section 9 (8) of Act No. 256 / 2004 Coll., on business on the capital market, as effective from the date of entry into force of this Act, is fulfilled by 7 December 2010 at the latest. In the meantime, it may use the credit assessment of the borrower by a person who met the requirements of Act No. 21 / 1992 Coll., on banks, as effective by the date of entry into force of this Act, and which was entered on the date of entry into force of this Act in the list of credit assessment agencies maintained by the Czech National Bank pursuant to Act No. 21 / 1992 Coll., on banks, as effective by the date of entry into force of the Act.
Amendment to the Capital Market Supervisory Act
Act No. 15 / 1998 Coll., on supervision in the capital market and amending and supplementing other laws, as amended by Act No. 30 / 2000 Coll., Act No. 362 / 2000 Coll., Act No. 370 / 2000 Coll., Act No. 308 / 2002 Coll., Act No. 309 / 2002 Coll., Act No. 257 / 2004 Coll., Act No. 626 / 2004 Coll., Act No. 324 / 2005 Coll., Act No. 296 / 2007 Coll., Act No. 104 / 2008 Coll., Act No. 230 / 2008 Coll., Act No. 250 / 2008 Coll., Act No. 324 / 2006 Coll.
1. in Article 3, the reference to footnote 1a shall be added at the end of the text of point (a);
footnote 1a is replaced by the following:
"(1a) Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.";
2. In Article 5 (2), the words "credit rating agency (6) 'shall be inserted after the words" CSD (5)';
footnote 6:
"(6) Article 3 (1) (b) of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council."
3. in Article 7 (d), the word "sociality9a)" shall be replaced by "social9a), (1a)."
4. In Article 8 (1) (c), the word "communications' is replaced by" communication9b) '.
footnote 9b reads:
"9b) § 2 (h) of Act No. 127 / 2005 Coll., on Electronic Communications. '.
5. In Article 8 (6), the words "or the credit rating agency has delegated" shall be inserted after the words "to entrust" and the word "Regulation (2)" shall be replaced by the words "Regulation (EC) No 1083 / 2006";
6. In Article 11, the words "(the Member State) 'shall be added at the end of the text of paragraph 1.
7. in Article 13 (1) (j) and (w), the words "State of the European Union or of the European Economic Area" shall be replaced by the words "State."
8. In Paragraph 13 (1), the words "authorised by the Czech National Bank 'shall be added at the end of the text in point (p).
9. in Article 13 (1) (r), the words "the European Union" shall be deleted;
10. in Paragraph 13 (1) (v), the words "Member States of the European Union or of the European Economic Area" are replaced by the words "Member States."
11. In Paragraph 13, the dot is replaced by a comma at the end of paragraph 2 and the following point (c) is added:
"(c) the list of credit rating agencies published in the Official Journal of the European Union.";
12. in Article 26 (2) (b), the words "State of the European Union or in another State constituting the European Economic Area" shall be replaced by the words "State."
13. in Paragraph 26 (2) (c), the words "a Member State of the European Union or another State constituting the European Economic Area" shall be replaced by the words "or a Member State."
14. in Article 26 (2) (d) and (f), the words "the State of the European Union or another State constituting the European Economic Area" shall be replaced by the words "the State."
15. in Article 26 (2) (c), point 3 is deleted;
Points 4 and 5 shall become points 3 and 4.
16. In Paragraph 26, the following paragraph 3 is inserted after paragraph 2:
"(3) Furthermore, the confidentiality breach provided for in paragraph 1 shall not constitute disclosure to the European Central Bank, the Central Bank of a Member State and to the Committee of European Securities Regulators. ';
Paragraphs 3 to 8 shall be renumbered paragraphs 4 to 9.
17. in Article 26 (8) and (9), the words "the European Union or the European Economic Area" shall be deleted;
Amendment to the Banking Act
Act No. 21 / 1992 Coll., as amended by Act No. 264 / 1992 Coll., Act No. 200 / 2009 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. 126 / 2005 Coll., Act No. 56 / 2006 Coll., Act No. 57 / 2006 Coll., Act No. 71 / 2004 Coll., Act No. 159 / 2004 Coll., Act No. 39 / 2004 Coll., Act No. 377 / 2005 Coll., Act No. 126 / 2002 Coll., Act No. 453 / 2003 Coll., Act No. 257.
1. Paragraph 12b (1), including footnote 3c, reads:
"(1) For the calculation of capital requirements by means of a credit assessment of a borrower issued by another person, the Bank shall use this credit assessment only if it is issued by a credit rating agency registered or certified under Regulation (EC) No 3c of the European Parliament and of the Council on credit rating agencies (hereinafter referred to as the" credit rating agency regulation '), if that credit rating agency is included in the list of credit rating agencies maintained by the Czech National Bank, or if it relates to a comparable credit assessment issued by another person, if the CRA allows the use of such comparable credit assessment.
3c) Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies. ';
2. In Article 12b, at the end of paragraph 3, the sentence "Where the person providing credit assessments is a registered or certified credit rating agency under the CRA Regulation, its assessment methods shall be deemed to meet the requirements of impartiality, independence and transparency and shall be kept up to date. ';
3. In Article 26, at the end of paragraph 3, the dot is replaced by a comma and the following point (j) is added:
"(j) the use of a credit assessment for the calculation of capital requirements contrary to this law."
Transitional provisions
1. If a person entered in the list of credit rating agencies pursuant to Act No. 21 / 1992 Coll., on banks, as effective by the date of entry into force of this Act, does not request authorisation to act as a credit rating agency under Act No. 256 / 2004 Coll., on capital market business, as amended by this Act, effective from the date of entry into force, and under the directly applicable regulation of the European Parliament and of the Council on credit rating agencies ("the Regulation ') until 7 September 2010, the Czech National Bank shall remove it from the list of credit rating agencies by the futile expiry of this deadline. No decision on such removal shall be taken.
2. If a person included in the list of credit rating agencies under existing legislation applies for authorisation to act as a credit rating agency under the regulation and this request is rejected, the Czech National Bank shall remove that person from the list referred to in point 1 with effect from the date on which the decision not granting the authorisation became final. No decision on such removal shall be taken.
3. 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 ensure that the obligation laid down in Article 12b (1) of Act No. 21 / 1992 Coll., on banks, as effective from the date of entry into force of that law, is fulfilled by 7 December 2010 at the latest. In the meantime, it may use the credit assessment of the borrower by a person who met the requirements of Act No. 21 / 1992 Coll., on banks, as effective by or on the basis of the date of entry into force of this Act and which was entered in the list of credit assessment agencies held by the Czech National Bank until the date of entry into force of this Act on the date of entry into force of this Act.
Amendment of the Act on savings and credit cooperatives
Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain measures related thereto and on the addition of Act No. 586 / 1992 Coll., on Income Taxes, as amended, as amended, Act No. 100 / 2000 Coll., Act No. 406 / 2001 Coll., Act No. 212 / 2002 Coll., Act No. 257 / 2004 Coll., Act No. 280 / 2004 Coll., Act No. 377 / 2005 Coll., Act No. 413 / 2005 Coll., Act No. 126 / 2008 Coll., Act No. 254 / 2008 Coll., Act No. 70 / 2006 Coll., Act No. 120 / 2007 Coll., Act No. 296 / 2007 Coll., Act No. 126 / 2008 Coll., Act No. 254.
1. Paragraph 8 (10), including footnote 12, reads:
"(10) For the calculation of capital requirements by means of the credit assessment of the borrower issued by another person, the cooperative shall use this credit assessment only if the other person is included in the list of credit assessment agencies maintained by the Czech National Bank under the law governing the activities of banks or if the use of this credit assessment is permitted by the law governing the activities of banks 12).
12) Article 12b (1) of Act No. 21 / 1992 Coll., on Banks, as amended by Act No. 160 / 2010 Coll. '
2. In Article 27b, at the end of paragraph 1, the dot is replaced by a comma and the following point (n) is added:
"(n) use a credit assessment for the calculation of capital requirements contrary to this law."
3. In Article 27b (3), the words "and in accordance with paragraph 1 (a) and (b), (d) to (l) 'are replaced by the words" and in accordance with paragraph 1 (a), (b), (d) to (n)'.
Transitional provision
The savings and credit cooperative will ensure compliance with the obligation laid down in § 8 (10) of Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain related measures and on the addition of the Czech National Council Act No. 586 / 1992 Coll., on income taxes, as amended, as effective from the date of entry into force of the Act, no later than 7 December 2010. In the meantime, it may use the credit assessment of the debtor by a person who was entered in the list of credit assessment agencies maintained by the Czech National Bank pursuant to Act No. 21 / 1992 Coll., on Banks, as effective until the date of entry into force of this Act, to calculate the capital requirements.
Amendment of the bond law
In Article 7 (1) (l) of Act No. 190 / 2004 Coll., on Bonds, as amended by Act No. 56 / 2006 Coll., the words "the assessment of the financial capacity of the issuer has been carried out or the information that the rating has not been carried out 'are replaced by the words" the rating has been granted 1) or the information that the rating has not been granted'.
Footnote 1:
"(1) Article 3 (1) (a) of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies."
footnote 1 shall be renumbered footnote 1a, including the footnote reference.
Amendment to the Trade Business Act (Trade Business Act)
In Article 3 (3), point 455 / 1991 Coll., on business, as amended by Act No 285 / 2009 Coll., the words ", activity of credit rating agencies 13c) 'are added at the end of the text of point (a).
footnote 13c reads:
"(13c) Article 3 (1) (b) of Regulation (EC) No 1060 / 2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies. ';
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Regulation Information
| Citation | Act No. 160 / 2010 Coll., amending certain laws in connection with the adoption of a Regulation of the European Parliament and of the Council on credit rating agencies |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 21.05.2010 |
|---|---|
| Effective from | 07.06.2010 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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